There are a few mechanisms at play here.
One is saturation of the colorant or, how much of the colored stuff is left behind after wear. Clothing, for instance, can fade because because the dyes in the fabric or pigments in the inks printed on the fabric are worn or washed away.
Another is degradation of the colorant itself. Things look a certain color because of the wavelengths of light they absorb/reflect and that absorbtion/reflection is determined at the molecular level. If the makeup of the colorant are changed, they will absorb/reflect light differently and will therefore appear a different color.
Another is contamination. Similar to degradation, the colorant can be contaminated by the substrate or other colorants, shifting the color.
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