In this graduate thesis, the concept of slow fashion will be elaborated as an alternative to the prevailing fast fashion concept, with an emphasis on achieving sustainability in the world of consumerism of today's fashion industry. The characteristics of both concepts will be compared on the key elements of sustainable development, but also understand the implementation of slow fashion from the point of view of manufacturers and consumers. Business models of both concepts and their profitability will be analyzed, as well as today's behavior and consumer needs based on a survey questionnaire on a sample of students of the first and second year of graduate professional studies. It will explore what increases consumers' intention to buy and pay a higher price for products produced in the concept of slow fashion, and the level of interest and awareness around the sustainability of today's fashion industry. Since today there is no direct explanation of the Slow Fashion concept, and how the business of Slow Fashion should run its business, this thesis will present some key features of the concept, and how such a business model would contribute to the sustainability of today's fashion industry. The conclusion of the thesis is that slow fashion could be the answer for the sustainable fashion industry if producers and consumers behave in accordance with the key characteristics of the concept. The key guidelines of slow fashion relate to production, consumption, design, waste, use and reuse and are reflected in product quality, awareness, integrity, and creativity, and diversity.