An increasingly fast paced world has left no choice but for every industry to transform radically in the past few years, and the fashion industry is no exception. After a difficult 2016, the industry revenues rose in the last couple of years, mainly due to swift adaptation to new strategies and technology by brands.
The industry was reaching a saturation point due to old school business approaches, as well as economic unpredictability. This led to companies becoming innovative - not just to get a bigger share of the existing market but also explore outside of conventional markets. Companies have started targeting emerging markets after the last few years showed promising profits from these regions.
There was also a lot of shuffling seen in the industry. Major acquisitions also reflect how companies are finding newer avenues to increase their profitability. Some surprising M&As have changed the landscape of fashion, overhauling geographic demarcations that defined conglomerates. Increasing competition, pace and the outrageous demand from customers has led to vital positions of creative director becoming ephemeral. But this is also bringing novelty to legacy houses as also paving way for new talent. Brands are also looking at strategic design alliances to appeal to new generations and markets.
Most importantly, the industry has now realized the harm caused by brands to environment and industry workers alike, and many brands are now making a stand against these wrong-doings.
This report looks at how companies are using these elements to further their business and subsequently helping the industry grow.
- Regional Sales and Industry growth
- Geographically: Mergers and Acquisitions
- Ethically: Towards Sustainable Future
- Key Takeaways