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Storm clouds are gathering, but the experience of recent years shows how the fashion industry may ride out the challenges ahead. In 2022, the industry again showed its resilience, almost equaling the record economic profit of 2021, the McKinsey Global Fashion Index shows. Echoing the pattern of the previous year, the luxury sector outperformed, with a 36 percent rise in economic profit that offset weakness in other segments. Yet even the non-luxury sector was ahead of its long-term average. Strong margin performance meant the industry in 2022 achieved more than double the economic profit than in all years between 2011 and 2020, except for one.
Looking toward 2024, the most prominent sentiment among fashion industry leaders is uncertainty, reflecting the prospect of subdued economic growth, persistent inflation, and weak consumer confidence. Against this backdrop, businesses will be challenged to identify pockets of value and unlock new drivers of performance.
The global fashion industry is undergoing a fundamental transformation and technology is at the heart of this shift. It's changing how we perceive, make and sell clothing. In this whitepaper, we examine the trends that will shape the global fashion industry in 2023.
World Fashion Week honor the outstanding contribution and lifetime achievements of fashion icons across five continents that are dedicated to the advancement of the arts and sciences of fashion, to further creative leadership, artistic, technical and social achievement within the global fashion industry.
As an internationally acclaimed event and network for trade and fashion professionals, the event provides a forum for worldwide exposure and recognition, with a major role in contributing to the harmonious growth and development of the global fashion industry, working towards the greater good of harnessing and supporting relationships to keep the global fashion industry sustainable and unprejudiced.
World Fashion Exhibition (WFE), Presented by the World Fashion Week, advocates for cultural exchange and social development around the world, moving towards to a sustainable and fair global fashion industry, celebrating cultural diversity and understanding.
World Fashion Photography is a global community of photographers, including global competitions and exhibitions taking place around the world, embracing cultural understanding through the art and science of photography, with the theme "Fashion for Life"
World Fashion Funding is a tool of global financing and sales generated by consumers, with the objective to support fashion designers from six continents, to support covering designer's inclusion and expenses to participate during World Fashion Week Paris, as official representatives of their countries.
An innovative and historic event showcasing a diverse variety of cultures, glamour and creative talent, the World Fashion Week will generate visual opportunities that will resonate with audiences all over the world.
Clothing manufacturing is one of the largest traditional sources of industrial employment across the world. Fashion is a driving force that makes a great impact in our economies and every day it affects billions of people around the globe.
Foster the increased participation in the world fashion forum by developed and developing countries alike, particularly with a view to better integrate all countries into the World Fashion communities.
Establish relationships with selected world fashion agencies to provide assistance to members in influencing the expansion of international fashion business. These agencies include both public and private sector organizations.
World Fashion Week works with "World Fashion Ambassadors" on a variety of labels around the world, to increase the public awareness of Peace through Fashion and of WFWs work promoting those goals.
Since celebrities began working with WFW, they have helped sway government policies on behalf of fashion industry, publicize fashion industrys issues around the globe and provide with help for World Fashion Week supported programs such as World Fashion Exhibition, World Fashion Forum, World Fashion Photography, World Fashion University and International Beneficiary Foundations among many other initiatives.
In 2017, the Boston Consulting Group took the pulse of the fashion industry. With a score of just 32 over 100, the management consulting firm found that the industry is slow to improve its sustainability. Some mid-sized and large companies have made strides, but half of the market has done little to become more sustainable in production. The study found that most fashion executives had not made environmental and social factors a part of the guiding principles of their corporate strategies.
We are the leading fashion & lifestyle destination in Latin America, Southeast Asia and ANZ, connecting over 10,000 global, local and own fashion brands to a market of more than 800 million consumers.
According to Euromonitor the global apparel and footwear market size shrunk in 2020 by -18.1% (to $1.45 trillion), while McKinsey states that the fashion and apparel industry suffered a 20% decline in revenues for the 2019-2020 fiscal year.
To cater to the large, 3,000 billion, textile and garment industry new companies are entering the market every day. Most of these companies remain rather unknown to the consumer audience, better known are the individual brands that are part of these global fashion companies.
Louis Vuitton is ranked the best performing fashion brand on position 9 of all brands (not only fashion) worldwide with a brand value of $47.2 billion dollars. Nike comes second, number 13 worldwide, with a brand value of $39.1 billion. Other fashion brands/companies in the Top 50 of valuable brands are Gucci on position 31 with a brand value of $22.6 billion, Hermès at number 32 with a brand value of $21.6 billion, and Zara on position 41 with a brand value of $14.7 billion. On position 51 you find Adidas with a brand value of $12.9 billion, followed by Chanel on 52 with a brand value of $12.8 billion. H&M is on position 76 with a brand value of $10.4 billion and Uniqlo on 84 with a brand value of $9.2 billion.
Spanish luxury fashion house Balenciaga has retained its spot as the hottest brand on the planet in the first quarter of 2022 according to the latest Lyst Index. Another stable name was that of Italian luxury brand Gucci, which was again in second place in the first quarter of the year. French label Louis Vuitton moved up one spot to third place. In this same quarter the brand presented its final show by late menswear fashion director Virgil Abloh. The 17 hottest brands in the top 20 were Prada, Valentino, Dior, Moncler, Bottega Veneta, Fendi, Miu Miu, Off White, Burberry, Loewe, Versace, Diesel, Rick Owens, Adidas, Saint Laurent, Nike, and Alexander McQueen.
Different sources name various numbers when estimating the amount of people that work in the garment industry. According to the International Labour Organisation, there are more than 60 million workers around the globe in the textiles, clothing, leather and footwear industries. This implies that this number is limited to people that work in textile and apparel production.The Ellen MacArthur Foundation states that globally, the clothing industry employs more than 300 million people along the value chain, which can be understood to also include people that work in design, distribution and retail divisions of the fashion industry.
In 2016 approximately 107 billion units of apparel and 14.5 billion pairs of shoes were purchased worldwide. That amounts to every single individual on the planet buying roughly 13 garments and 2 pairs of shoes every year.
Number of apparel units purchased per country in 2017: China (40 billion units), the US (17 billion), India (6 billion), Japan (3.3 billion), Brazil (2.3 billion), Germany (2.2 billion), UK (2.1 billion), Russia (2 billion), France (1.5 billion) and Italy (1.3 billion). The rest of the world consumed 26 billion units in 2017.
In 2020 e-commerce sales globally jumped to $4.2 trillion and the global trend continued in 2021, causing online sales to culminate in an estimated 2.14 billion online shoppers worldwide, and $4.9 trillion in revenue.
In 2021, e-commerce accounted for nearly 20 percent of retail sales worldwide. Forecasted is that in 2022 that share will be 21%, and in 2025 the online segment will make up close to 25% of total global retail sales.
Statista estimates that the online clothing and apparel industry will reach a value of 1.2 trillion U.S. dollars by 2025, Research and Markets expects the e-commerce fashion industry will grow to $1.1 trillion dollars in 2026.
How many pieces of clothing are sold world wide? How many people work in the international fashion industry? What is the total sales of clothing in the world? This is the FashionUnited page with Facts and Figures about the global and US fashion industry. For facts and figures of the fashion industry in other countries and regions, see below.
The International fashion market is a leading industry well known for key players, such as Inditex, LVMH, H&M, Nike, VF Corporation, Richemont, Adidas, Fast Retailing, Abercrombie & Fitch, Prada, Gap, Dior, Urban Outfitters, Burberry.
The fashion industry statistics pages are a product of FashionUnited Business Intelligence. For other data, such as the FashionUnited Top 100, the FashionUnited Facebook Index and the List of Richestest People in Fashion, refer to the FashionUnited Top 100.
Most fashion production within the EU takes place in Italy, southern European countries such as Spain, Greece, Portugal, and newer EU countries such as Poland, Romania, Bulgaria, Hungary. The countries with the most companies in distribution and retail are Italy, France, Poland and Germany.
In 2020, the European Union was the second largest exporter of textiles and clothing worldwide (the leading position going to China). The EU is the largest importer of textiles and clothing worldwide.
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