What is the biggest fashion industry in the world? According to the McKinsey Global Institute, 20 companies dominate the global industry, accounting for 97% of its economic profit. These brands include Nike, Adidas, H&M, and other well-known names. The mid-market players, meanwhile, are losing ground to the luxury brands and value brands. In order to determine the biggest fashion industry in the world, it is necessary to understand the market and its competitive landscape.
Globally, there are two distinct markets: e-commerce and offline retail. Both are undergoing rapid changes. The fashion industry has traditionally been on the cutting edge of innovation, forward-looking, and cyclical. It is estimated that global sales of apparel will exceed $3 trillion in the next decade. Meanwhile, the growth of technology and the availability of advanced materials have accelerated the pace at which fashion is created. These trends are transforming the fashion industry.
According to the Joint Economic Committee of the United States (JEC), the global apparel industry accounted for $380 billion in revenue in 2016. This includes textile brands, importers, retailers, and wholesalers. It employs over 1.8 million people worldwide. Its growth continues to grow in emerging markets, and Asia is predicted to account for 38% of global apparel demand by 2026. In spite of the fast-paced growth, however, there is still a lot of room for improvement.
The trend of fast fashion brands is undoubtedly changing the face of the fashion industry. Some brands now produce 52 “micro-seasons” per year, with some even launching up to twenty-four items per week. Zara worddocx is one such company that reportedly produces up to 20,000 new styles every year. Social media strategies are fueling this trend as they promote new trends and create fast consumer demand for cheap fashions. Smartphone-enabled “See Now, Buy Now” tools on platforms like Instagram have resulted in strong sales for companies like Fashion Nova.
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