"Viewed as both an opportunity and threat, digital transformation enables manufacturers to save time and costs by enabling them to manufacture small quantities of products profitably. However, it also leads to a loss of human touch in fashion design and garment making. Digital transformation is necessary to deal with sustainability pressures that currently face the fashion industry. As natural resources are dwindling, the cost of raw materials and carbon and financial costs of manual garment sampling and shipping back and forth from manufacturers in Asia to Europe and the US is also increasing. The only way to meet this growing consumer demand is to digitise and streamlin... Read more
The world's sixth-largest economy, India also has the world’s youngest population. According to India Brand Equity Foundation, this will boost consumer expenditure in the country to $3.6 trillion by next year as emerging new technologies is changing the overall shopping experiences.
As Prasad Shejale, Founder and CEO, Logicserve Digital says, personalization, ultra-convenience, social commerce-marketing products via inspirational blogs, celebrity engagement posts, etc, and smart mirrors equipped with AI and VR will be the four leading trends to rule the industry in 2020.
Unified and API-driven commerce, visual search to rule
The traditional retail industry will o... Read more
"Globalisation is leading to a reformation in thinking of global economies that are shifting their focus to localisation. Now, wars are being raged over tech, rather than trade. The new economic paradigms, emerging in response to world’s social, environment, political and economic challenges, call for new rules of engagement as the earlier megatrends that impacted the world have now reached a boiling point."
Globalisation is leading to a reformation in thinking of global economies that are shifting their focus to localisation. Now, wars are being raged over tech, rather than trade. The new economic paradigms, emerging in response to world’s social, environm... Read more
Starting a new trend, Banana Republic launched its own rental services in 2019. However, the road ahead seems challenging as even big rental companies like Rent the Runway have been facing tough times of late. The company faced several service glitches in 2019 and even had to shut down its subscription facilities for a while.
Demand for rental grows despite challenges
Besides managing their shipping and inventory costs, rental companies also have to deal with washing and dry cleaning of their apparels. Yet, the demand for rental fashion seems to be growing with brands like Banana Republic, Vince, American Eagle and Bash launching their own rental services.
In November ... Read more
"Reversing a two-decade long policy of expansion, European fashion brands are turning away from the Asian market. Decreasing consumer expenditure amid the US-China trade war is luring brands away from the Asian markets with challenges like Brexit and protests and strikes further adding to woes. Brands like Germany-based Metro and France-based Carrefour have exited their European operations in the recent past with UK-based Tesco planning to join the bandwagon. The retailer, which exited its China business in 2013 and the South Korean market in 2015, now plans to offload its Malaysia and Thailand operations."
Reversing a two-decade long policy of expansion, Europea... Read more
"The $2.5 trillion fashion industry accounts for 10 per cent of global greenhouse gas emissions. Most of this damage is caused during the production and processing of garments especially those made from synthetic materials. These synthetic materials are sourced from fossil fuel and account for over 60 per cent of all fibers used today. Synthetic fibers are non-biodegradable and release microplastics on washing which degrades not just the environment but also human health. Another major culprit of sustainable fashion is leather, whose supply is underpinned by the use of chemicals and releases excessive amounts of methane."
The $2.5 trillion fashion industry accoun... Read more
"Both department stores and apparel retailers in the US lost ground in 2019 as consumers increasingly turned to online shopping. Worst affected were stores like Macy’s and Gap, along with Kohl’s Corp., L Brands Inc. and Nordstorm Inc., which emerged as the poorest-performing individual stocks on the S&P index. These brands lost most of their market share to online and discount retailers like Ross Stores Inc. and TJX Cos., which owns Marshalls and T.J. Maxx."
Both department stores and apparel retailers in the US lost ground in 2019 as consumers increasingly turned to online shopping. Worst affected were stores like Macy’s and Gap, along with... Read more
"The realisation that fashion is one of the most polluting industries in the world is also impacting consumer behavior. For instance, Swedish climate activist Greta Thunberg took a zero-emissions sailboat to New York for the UN’s climate conference this summer instead of the regular airplane. Similarly, brand H&M has launched an initiative to use only recycled or sustainably sourced material by 2030. The company plans to reduce or offset more greenhouse gas emissions than its entire production process emits by 2040."
Fashion comes at a cost. Even though fast-fashion retailers are quickly churning out fresh, low-priced styles that attract trend-seekers i... Read more
The fast fashion market has changed tremendously over the last 20 years. Digital-first retailers like Asos, Boohoo, Revolve and Missguided are producing trend-driven garments and accessories designed for digitally native millennial and Gen Z customers. Conference organiser RetailX’s ‘The Fast Fashion 2019’ report reveals, the sector will make up 10-20 per cent of total revenue share in key European fashion markets in 2019.
Despite the wide reach of fashion sector, the online model for fast fashion is not likely to succeed as only a few e-commerce players have fared well in 2019. To succeed, brands need to focus on inventory and supply chain management b... Read more
"A pioneer of rental fashion is Rent the Runway- the first American company that started offering subscription-based fashion services in 2009. In a short time, the company grew rapidly by catering to the growing needs of a new consumer segment. It is currently valued at about $800 million and offers everything from eCommerce apparels to high-end, luxury clothing"
Just as companies like Lyft, Uber and Airbnb have popularised the concept of car rentals across the world, the concept of rentable fashion is also becoming popular in the apparel market. The CGS 2019 Future of Fashion & Retail Consumer Survey notes, around 72 per cent of global consumers today prefer... Read more