BARCELONA, April 24 Reuters Global fashion retailers gathering in Barcelona this week will discuss how they respond to pressure from regulators and consumers to move to more sustainable models while reversing declining sales in Europe.

Executives from companies including Chinese fastfashion retailer Shein, Spain39;s Mango, and Ireland39;s Primark are among those attending the World Retail Congress, one of the industry39;s biggest annual conferences.

They will discuss the challenges facing their businesses as inflation causes consumers in Europe and elsewhere to reduce spending. Tougher European regulations will also feature.

The European Commission is drawing up new rules on textile waste that will make companies responsible for managing the waste their products create.

There is pressure building up from regulators on the fast fashion model which is premised on high volumes and affordable prices, said Valerie Boiten, senior policy officer at the Ellen MacArthur Foundation, a nongovernmental organisation that works with HM, Inditex, Mango, Primark, and Zalando..

Consumers in the European Union throw away about 5.8 million tonnes of textiles every year, according to the European Environment Agency.

The current model is set up for failure if you take into account climate change and resource scarcity, said Boiten.

There is a business case for making the fashion industry more circular, she added, but it will rely on creating multiple revenue streams from existing…