The Global Fashion Industry

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The global fashion industry is one of the most important industry sectors in the global economy. It generates up to $2.5 trillion in revenue a year and has over 60 million workers employed around the world. The fashion industry is huge and it has always played a significant role in the world economy. Clothing, shoes and accessories are not only necessities for daily wearing but also a way of expression from an individual’s esthetic concepts, self-identity and social status, to the trend of the world, the era, and the generation. Nowadays, the global fashion industry has rapidly adapted to a new environment, caused by the emergence of fast fashion and advances in communication and digital technologies. The consumption patterns have also been…show more content…
Obviously, fast fashion brands have not only won worldwide popularity but also a heavyweight position in the fashion industry. Among those fast fashion brands, ZARA is undoubtedly the “fastest” one. It produces 15~20 collections per year with only 10 days in each production’s life cycle, compressing the fashion trend cycle from one year or one season, into one week. ZARA meets customer demand by focusing on fashion trends as soon as they appear in the stores. ZARA collects data that shows customers’ reaction to its new styles and sends the feedback to the headquarters, where new products are constantly being developed. That’s why shopping at ZARA is enjoyable, as there are always new apparels which match the latest fashion trend and also suit your preference, at affordable prices. Fast fashion is not only changing the way fashion business work but also driving consumers’ shopping choices. People cannot help but desire to shop again at fast fashion stores for the newest fashionable clothes, even though their wardrobes are already out of space. What’s more, fast fashion retailers’ collaboration with luxury designers, for example H&M’s collaboration with Karl Lagerfeld, Roberto Cavalli, Stella McCartney, and Alexander Wang, can not only increase revenue and margins but also make high-fashion more accessible to the new markets of younger demographic. This kind of collaboration can…show more content…
“Fashion brands in particular do receive substantial engagement on social media due to the design-driven nature of their products, so they should make use of visually-rich platforms like Instagram and Snapchat when developing social engagement strategies,” said Jenny Ryan, senior product marketing manager at Sprinklr. As new looks on the runway can immediately be instagrammed or tweeted by fashion bloggers and influencers, people can no longer wait for the collections to be shown in printed magazines such as Vogue, Bazaar, and Elle. Fast fashion stores are capable of promptly providing inexpensive collections in accordance with current trends and are undoubtedly the best choices for mainstream consumers. Additionally, the more positive experiences with their products are shared on fashion blogs and online social platforms, the more customers will be reached. Thus, engaging in social media can help fashion brands attract new customers, interact with loyal followers, and boost

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