How The Fashion Industry has Changed in Recent Times

India's growing middle class, powerful manufacturing sector, and increasingly savvy tech have made it an essential destination for fashion companies.
How The Fashion Industry has Changed in Recent Times

In the last two years, the fashion industry has gone through major transformations owing to multiple factors like rapid adoption of e-commerce, growth in the D2C sector, and many others. Going ahead, there are multiple fashion trends currently on the table that a fashion business needs to be aware of in order to thrive and grow in the market. 

“In 2022, the industry’s growth will likely be driven by both China and the United States, while Europe lags behind and will need the return of international tourism to recover fully,” according to a report by Mckinsey. 

“Also, India is on the rise—its growing middle class, powerful manufacturing sector, and increasingly savvy tech have made it an essential destination for fashion companies,” the Mckinsey report further stated.  

Here is what industry experts have to say about how the fashion industry globally has changed and what lies ahead.   

Raja Rajamannar, President, Mastercard says, “Instead of throwing commercials and ads at people, there is a better way to connect with them and that way is to communicate in the areas they are passionate about, and curate experiences in those passion areas for the consumers that money cannot buy; but they can get them because they have a credit card with them.” 

Frédéric Fekkai, French Celebrity Hairstylist states, "It's frustrating as a hairstylist not to be able to change the hair and not being good to the environment. So, we're about to launch a new product with an amazing impact on the environment, with saline properties and propolis, and with so many great benefits. A new sort of innovative spray"

Nicole Miller, American Fashion Designer says, “When I started out I thought I competed with other designers, and now the landscape is multi-facet: we compete with actors, influencers, musicians, speakers; so, the challenge has increased and creativity is more important than ever. It's important to really be focused, develop your identity, and don't let nothing stop you.”

Juana Burga, Peruvian model, Actress, and Activist states, “Fashion is elevating cultures globally because right now we are bringing together not just a trend, but a lifestyle that goes way back from many generations. It is important to educate ourselves, knowing where the products come from.”

Kutay Sarisotun, Head of Marketing & Communications, Bluesign Technologies, says, "More than 22 percent of world water pollution is caused by the fashion manufacturing processes. That's where we need to change, immediately. Legislation is here at our door, but you must know what's going on in your supply chain, and take action.”

READ MORE: Fashion Emerges as a Top BNPL Category in India in 2021, Sees 2.3X Increase in Transactions

Charles Ross, General Manager, Saga Furs North America, says, “Fashionation is a platform really involved in discussing key issues in the fashion industry, like sustainability and innovation, that's why it's important for us to be participating here. In our company's program, we combine the values Fashinnovation promotes, so this is a great opportunity to communicate what we're doing and feel real change.”

Sinead Bovell, Model, and Innovative Technologist says, “Entire new industries are born that we can't even imagine. But it doesn't mean we have to think about going back to the hard times in the past. Besides, people don't know where to turn to understand the future and what to do in their daily lives to insert themselves in it.” 

Michael Ferraro, Executive Director, FIT DTech Lab says, "Automation is designed to replace inefficiencies present in humans. That's a dystopian scenario but we can see those changes happening right now". "Technology is modifying everything in the fashion's game. Simulations, avatars, radical transformations are new steps into the Metaverse. The future has been around here all along. The sooner we understand it, the better it will be in front of it".

Nyakio Grieco, Co-founder, and Creator, Thirteen Lune states, “When you have a mission and purpose behind anything you’re building, even if you’re building a pizza joint, what is so special about it and how are you going to help your community, help others spread your passion? I find it so interesting when I talk to young entrepreneurs or people who are just starting out on their entrepreneurial journey, and I tell them immediately: create a mission with your business.”

 

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