Over the next decade, new major retail brands are expected to replace legacy brands. Sustainability is a positive challenge. As consumers become savvy about the severity of fashion’s environmental footprint, they will demand more responsible production. Businesses cannot afford to ignore these trends. Retailers will be forced to be more creative with how they meet these needs, whether that means offering clothing rental services, recycling opportunities, adopting cleaner manufacturing processes or all of the above. Companies are working toward durability, material health, recyclability and traceability.

Retailers have to strengthen both online and offline channels and need to find the optimum balance between the physical and digital elements to maintain a profitable business and sustain growth. A deep design archive is not enough to secure relevancy in 2020. With more ways to discover and acquire fashion on the internet and social media, retailers must be constantly looking for windows of opportunity to connect with their consumers. Fashion brands have to constantly adapt to new consumer trends. Legacy or heritage brands must adapt or face an inevitable death. So they are maintaining their place in millennials’ closets by upgrading their iconic pieces with sustainable manufacturing, tweaking fits for the modern consumer and partnering with trend-oriented brands and retailers for unique collaborations.