Fashion & Accessories
Statistics and facts on Fashion & Accessories
The global fashion industry is one of the most important sectors of the economy in terms of investment, revenue, trade and employment all over the world. It is a multibillion-dollar global enterprise devoted to the business of making and selling clothes. Some observers distinguish between the fashion industry (which makes “high fashion”) and the apparel industry (which makes ordinary clothes or “mass fashion”), but by the 1970s the boundaries between them had blurred. Fashion is best defined simply as the style or styles of clothing and accessories worn at any given time by groups of people. The fashion industry has tremendous variety of products, small product life cycles, unpredictable and volatile demand, inflexible and long supply procedures.
There may appear to be differences between the expensive designer fashions shown on the runways of Paris or New York and the mass-produced sportswear and street styles sold in malls and markets around the world. However, the fashion industry encompasses the design, manufacturing, distribution, marketing, retailing, advertising, and promotion of all types of apparel (men’s, women’s, and children’s), The term “fashion industries” is used to refer to myriad industries and services that employ millions of people internationally. The fashion industry connects people from across the planet and is one of the most profitable markets in the world.