Fashion Industry Trends and Concerns
To step up international cooperation in the fashion industry the most important thing would be the creation/adherence of a common set of standards and parameters to enable a level playing field. At the same time, we see that the world has seemed to return to an era of mercantilism. When every country does protectionism at home everyone loses. So a new trading order is needed. How this can be realized in a multipolar world is uncertain.
We see that young consumers do not remain loyal to brands but follow trends instead, which is why business flexibility must be a top priority for manufacturers. They are now facing a choice of either saving the brand’s face by focusing on a loyal audience or working to meet customers’ current needs. Some are trying to find a balance between the two.
The main opportunity is also a risk, with all brands having their own country diversification strategy. This will be a risk to manufacturers with their production concentrated in a single region. After all, this will come into conflict with final point-of-sale market regulations. So the manufacturers best able to balance these competing priorities will be best positioned to continue to do business.
I think the next big area of innovation will be in the material development using biodegradable materials with zero emissions throughout the life cycle. I also look forward to digitization which will enable greater levels of automation to reduce human touch points in the production process.
The main opportunity is also a risk, with all brands having their own country diversification strategy. This will be a risk to manufacturers with their production concentrated in a single region. After all, this will come into conflict with final point-of-sale market regulations. So the manufacturers best able to balance these competing priorities will be best positioned to continue to do business.
I think the next big area of innovation will be in the material development using biodegradable materials with zero emissions throughout the life cycle. I also look forward to digitization which will enable greater levels of automation to reduce human touch points in the production process.
