Fashion industry, a multibillion-dollar enterprise focused in the business of making and distribution clothes. The fashion industry is a product of the modern age. Before the 19 century almost all clothing was handmade by individuals but by the beginning of the 20th century, with the rise of new technologies such as sewing machine, the rise of capitalism and the development of the factory system of production clothing had increasingly come to be mass produced in standard sizes are sold at fix prices. It is inarguably that the fashion industry accounts for a significant share of world economic output.
It might be almost impossible to provide a valid statistic of the revenue generated by the fashion industry per annum, but the fashion industry is undoubtedly one of the leading industries in the world. Fashion is one of the most critical industries in the world today. However, capturing the business aspect of the fashion industry Fashion United reports that the fashion industry market is valued at about 406 billion dollars and new textile and garment industries are entering the markets daily.
Fashion is one of the primary ways in which people expressed their personality and distinguish themselves from those around. The fashion industry is an industry without an age tag. People of all ages are likely to flourish in the world of fashion. There is a high competition within the fashion industry and even more among consumers.
With the advent of Designer Brands, Fashion quickly moved from desire to look good to also making money while doing so and have employed so many people. The fashion industry employs a significant amount of the world population. Contemporary, models and fashion influencers have a whooping net worth all thanks to the fashion industry.
Fashion marketing is another aspect of the fashion industry that have placed the fashion industry in a high pedigree because all eyes are on the fashion industry. Every day people are looking out for new fashion trends and new fashion merchandise are created. The business of fashion remains one of the most attractive Industry in the world.
Significantly, the fashion industry has evolved, especially in the last 20 years. The industry is one of the most dynamic industry to ever exist. It has become an increasingly important retail outlets, creating new challenges and opening up new opportunities.
History shows that having a garment industry can help a country generate momentum it needs to become a developed country. In recent times, the fashion industry has witnessed a tremendous growth. although the fashion industry developed in America and Europe, presently it is an international and global linked industry and Africa over time has become One of the world’s Fashion leading continents in the fashion business. From the production of raw materials to the production of fashion goods by designers, manufacturers, and contractors to marketing in form of advertising, promotion, wholesale/retail sales and most recently e-commerce. All of these components of the fashion industry have overtime generated great revenue worth millions of dollars. Fashion goes beyond outfits and trends. The fashion industry has birthed millionaires in the fashion model business and definitely a business venture for those who have eyes for colour selection/combination, styling of outfits and putting fabrics to stylish use.