25 Apr FUTURE OF FASHION
According to current growth projections, the fashion industry is huge and continues to grow rapidly. It will double in the next 10 years, generating up to $5 trillion annually.
It also employs 60 million people around the world, only In the US, 4 million people work in the fashion industry. That’s more than other major sectors, including the auto, fast-food and video-game industries.
China is involved with almost all activities in the textile and clothing industry value chain. With a population of 1.3 billion and rapid economic growth, the country offers potentially the largest consumer market for clothing and home textiles, which provides an enormous lucrative business opportunity for the rest of the world.
All these numbers and the expressive participation of two very important economic countries in the industry can be quite impressive but, what are the main challenges and changes that fashion companies should be preparing to face in the industry’s future?
The future holds many unstable situations for the global fashion industry. Resource shortages, climate change, demographic change and new technologies that will interfere in the global economy.
Here we selected five main points that any fashion company should be aware for the next years to come:
- Prepare now for an uncertain future: Companies should prepare now and put strategies in place for a different scenario that is yet to come. They should carry out a risk analysis of their business models and supply chains; put together a sustainability roadmap and ensure they understand the social and environmental context in which their products and services are used.
- Seize the opportunity to be a trailblazer: Companies can gain first mover advantage by taking action on quick wins, such as energy efficiency. They can also benefit from taking the lead in talking to consumers and investors about the importance of sustainable production and consumption driving collective industry action.
- Put change into practice: In a world that is changing rapidly, success will depend more than ever on being flexible and innovative. Companies should invest in design and innovation; explore new business models and ownership structures; and trial new ideas to see what works.
- Look out for unexpected competition: Companies should understand that if they don’t embrace alliances with new partners and work considering that new competitors may show up anytime, other companies will do and reach more favorable situations. They should also consider how to apply their main competencies to new markets.
- Develop skills for a new world: Companies should start developing the skills they will need to be successful in the future. The industry will need climate change experts, water policy specialists, innovators with skills in design and many others specialties.
As a globalized and actualized company that Solaris intend to be more and more each day, we have been not only investing in partners and collaborators all over the world, but we are also making of this people good keys to increase our international business consciousness. Our team have been showing a great potential by itself through the different cultures that we have working together, exchanging information and combining different knowledges, which make of us a very creative company. We are also constantly participating on the best trade shows of the world to make sure we will be always actualized with the market news and technologies to innovate on our product’s design and quality, and mostly, with the ecological concerns that will be growing every year.