The fashion industry today is trapped in a competitive cycle of shorter and faster sales and production periods, requiring continual changing of styles, frequent renewal of products, and speed of availability. This high speed of the current fashion system has both positive and negative outcomes on the environment, the workers and the society. The purpose of this study is to provide a more comprehensive and macro perspective on speed, by acknowledging the conflicting perspectives of different stakeholders, focusing mainly on institutional actors. Ethnography, with emphasis on participant observation and interviews, was used as a research method, supported by secondary data on fast fashion and sustainable fashion practices. Findings contribute to existing literature by shedding light on these dynamics and consequences of speed of the current fashion system, hoping to raise awareness among marketers, managers, and public policymakers.