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1 Trends, Transformation and Technology Changing The TRENDS, TRANSFORMATION AND TECHNOLOGY CHANGING THE FABRIC OF FASHION 1 INTRODUCTION 06. Future fashion Brands to watch Trends, transformation and technology 08. Market dynamics changing the fabric of fashion 12. The fashion industry has always evolved The fever pitch of an ever-faster fashion The prominence of digital at the speed of seasonal shopping. Not cycle has many questioning the ethics of an anymore. The time it takes to upload a industry that sees a huge over-production CONTENTS new look on social media feeds, shared by of garments, with massive environmental millions instantly, is the new normal. The impact. The industry produces 20% of 14. sector, now in hyper-drive, is not for the global wastewater and 10% of worldwide It’s all about the supply chain undisciplined or slow-moving. carbon emissions – more than all international flights and maritime shipping At the same time fashion companies combined, according to the United have less power to drive these speedy Nations. Textile dyeing is the second largest 16. trends, which come and go as soon as polluter of water globally. Sustainability is The rise and fall and rise again of in-store an influencer has posted their ‘outfit of now topping the agenda. the day’ and moved on. The industry may depend on the illusion of change, newness, There’s no doubt that the industry needs and must-have trends, but it has reached to find a new model that aligns financial 18. dizzying heights. In this “out with the old, in profitability with sustainability. How can we Sustainability: Should fashion cost the earth? with the new” sector it’s hard to stay cool evolve from the fast fashion model without for 30 years – fashions change fast. compromising the profits of brands? What are the antidotes to mass consumption of The fact is, technology has been rapidly clothes and ever-faster fashion cycles? 20. changing how people shop and style The future and trends to watch themselves. Young consumers crave fashion The good thing is that start-ups, disruption and lifestyle-related digital content. This and reinvention could hold many of the is not just about inspiring a new look, it’s answers. The mentality around fashion is about entertainment now, too. Today, many now changing. 28. digital-first fashion labels act like media Conclusion brands in their own right. Online retailers Fashion leaders must take more risks to are making money as physical stores stay ahead of the pack and embrace more continue to struggle. That’s not to say that flexible approaches in many parts of their brick and mortar stores are dead, they just operations, whether it’s their business have to evolve to stay relevant. model, supply chain, or distribution. These are interesting times. 2 3 “Fashion is the same as politics in theory - JORDAN NODARSE, FOUNDER, BOYISH JEANS BOYISH FOUNDER, NODARSE, JORDAN the people have the power.” 4 5 2. BRANDS TO WATCH The global fashion market is dominated Farfetch – The London-based organization by just 20 companies – dubbed the ‘super runs a luxury online marketplace allowing winners’ – by the latest McKinsey-Business people to buy from nearly 1,000 brands of Fashion report. They make up 97% worldwide. It’s also expanded into of global economic profit in the retail technology, working with Chanel to sector of the industry. They also own the link its stores to digital services biggest and most well-known brands. including chatrooms. But the landscape isn’t limited to supersize companies. There are smaller Global Fashion Group – With fast-growing disruptors, including: operations in Russia, Brazil and Indonesia. GFG was set up with a focus on emerging ASOS – Sells fashion aimed at twenty- markets ignored by established online somethings, stocking over 60,000 items, fashion retailers. Its platforms give it access allowing the company to regularly to more than 1 billion consumers. update its inventory with new products. ASOS constantly tracks how well its Lyst – A personalized fashion marketplace clothes are selling online, before that lets customers search thousands of adjusting its inventory. online fashion stores at once, bringing together five million products from 12,000 Boohoo – Has become a shining star in brands and retailers. the UK retail slump as it benefits from consumers shopping online. Even some Reformation – Los Angeles-based label digital pure-players are outmaneuvered known for tongue-in-cheek marketing by Boohoo, which adds roughly 200 new and a strong sustainability mission. It’s items to its website daily. expanding in the UK and Europe and has a big-gun backer, global private equity firm Everlane – Known for its eco-friendly and Permira Advisers. socially conscious business model, this American born-online brand is a favorite of fashion models and royalty alike. In what it calls a “radically transparent” approach, Everlane partners with the best, ethical factories around the world. 6 7 The old rules of fashion, particularly in retail, For instance, China is set to overtake the don’t work anymore. Players now need to U.S. as the world’s largest fashion market, 3. be agile, think about their online strategy thanks to an expanding middle-class. first, and look to achieve even faster speeds MARKET DYNAMICS to market. Staying relevant to consumers Established labels are also creating is crucial. Self-disruption is now of accelerators and incubators in a bid to paramount importance. test new approaches to the market. These A vital market in the global economy can be more flexible and less risky than a Those fashion labels that disrupt their merger or acquisition, which can also be own offerings, their own business models, costly. Think LVMH’s La Maison des Startups and how they operate are the ones likely or Kering’s Plug and Play, an accelerator to survive. Appealing to mindful female looking at sustainability. $1.66 trillion millennial shoppers in North America, market value Europe, and Asia isn’t easy. Fast fashion is hot. In a polarized market that has hollowed out the middle – leaving Brand makeovers are one tool – creating luxury and affordable – budget items are new images or refreshing old ones to thriving. In fact, fast fashion has changed show that the company has their fingers the market for clothes for good. Across on the pulse. Burberry developed a new most apparel categories, items are kept 100 billion garments logo while other brands have turned to for half the time they were a decade ago, produced each year, streetwear. There is a greater tendency with some of the lowest priced garments to look at new collaborations and flex a disposed of after seven or eight wears, more than doubling brand’s identity as far as it can stretch to according to McKinsey. since 2000 pique interest. In this climate, companies have The McKinsey Global Fashion Index predicts compressed production cycles. In the that the best-performing segment is luxury, space of two weeks a trend exhibited fuelled by fast-growing economies in Asia- on the catwalk can be turned into an That’s 14 new clothing Pacific. Luxury brands are also increasingly affordable fashion item on the shelves of embracing digital channels as a route to a store. This enables shoppers to expand articles for every person market. Focusing in on Asia, this is the and refresh their wardrobes in an affordable on earth region for growth. manner, at speed, keeping up with the latest fads. 7th largest economy ranked alongside GDPs Companies have compressed production cycles. of global countries In the space of two weeks a trend exhibited on the catwalk can be turned into an affordable fashion item on the shelves of a store. 5% annual growth in consumption per year through 2050 8 9 A vital market in the global economy $1.66 trillion market value Size matters 100 billion garments produced each year, Interestingly, no online fashion retailer more than doubling since 2000 has yet been able to break into the elite group of fashion super winners, denoted That’s 14 new clothing articles for every by McKinsey. Size matters – having a scaled person on earth business is a key advantage in fashion. A combination of physical stores, a strong 7th largest economy ranked alongside brand image, efficient operations, plus the GDPs of global countries ability to produce garments rapidly and at a lower cost is essential. 5% annual growth in consumption per year through 2050 This is why Inditex of Spain, which owns Zara, and Hennes & Mauritz (H&M) of Sweden, are two of the world’s largest clothing retailers. They not only slavishly follow fashion trends, but have the winning combinations listed above. Then there is Uniqlo, the main brand of the third-largest company, Fast Retailing, of Japan, which focuses on timeless basics, while TJX buys excess inventory of brand- name clothes and resells them at low prices. It is the leader in discounted retail The race with Amazon fashion in the U.S. providing countless outlets in a bid to clear excess inventory. Amazon has yet to fully conquer fashion, but it would be foolish to ignore its presence. While fashion brands, particularly DNVBs (digital native vertical brands) create products, services and end-to- end experiences that drive passion in consumers in a way that Amazon never will, it doesn’t matter. This is not where its strengths lie. The global behemoth has now entered into fashion retailing, meaning the market needs to think about price and logistics, both of which Amazon has mastered. It’s the reason Zalando, Europe’s biggest online- only fashion retailer, has invested heavily in logistics. The aim is to offer speedy delivery, with Zalando having doubled the number of parcels it delivers same or next day in Germany.
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