Fashion, a word that is a fascination for many. As glamorous as it is, it’s a well-known fact that this industry is one of the greatest polluters of our environment, contributing to more than 10% of global carbon emissions and a major contributor to labor exploitation, ecological imbalance, and other major factors that present itself as a hindrance to the survival of humankind. The extreme usage of synthetics and harmful production practices ultimately lead to environmental pollution. The only way to reduce the impact of all these practices is to reduce the consumption of clothing and accessories and ensure that proper recycling procedures are followed for the ones existing. This paper will deal with a deeper understanding of what factors drive the fashion industry into embracing sustainability, the various circular strategies implemented in the fashion industry, the future of this circular economy, and how reducing deadstock initiatives, along with close-the-loop initiatives of reduce-reuse-recycling by brands/designers can help in the transition of a holistic circular economy. This study has been conducted with local based clothing retailers and manufacturers in UAE, sustainable designers in UAE who have been actively contributing to this study to understand how they have been dealing with the overproduction of fabrics and the deadstock materials. To prove the acceptance rate of circular strategies in fashion, a survey has been conducted among women belonging to age groups 18–50 to understand their buying capacities, attitude toward shopping, decluttering wardrobe, and basic reuse and repair methods used in daily life.