Well Explained

Fashion Style: Well Explained

There are many connotations of the word “fashion”. It can signify difference (as in “the new fashions of the season”) or it can also mean sameness, as in “the fashions of the 1960s.” The latter implying general uniformity.

People have always had concerns about their clothing and get-up. Right from the very beginning, they had different dresses for different occasions like wedding ceremonies, festivals and wars. Over time, these varying dress designs and styles became pretty fashionable and gave birth to the fashion industry.

Today, the fashion industry is one of the largest industries in the world. It generates about $2.5 trillion in annual revenues.

Despite its massive size and reach, the fashion industry is struggling to achieve growth. After a period of resiliency, the industry is now facing challenges from supply-chain disruption, patchy demand, and persistent pressure on profitability.

Inflation is putting pressure on fashion companies, with 97 percent of executives forecasting that their cost of goods sold and SG&A expenses will increase in 2023. The escalation in the price of cotton and cashmere is particularly severe.

It is important for fashion companies to know the needs of their consumers in order to keep them satisfied and to increase sales and profits. Through market research and studying the consumer’s lifestyle, it is possible to find out what trends they are ready for.

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