Introduction:The fashion accessories and gear industry of the world are considered as the most essential sectors in terms of contributing in the economy and also in terms of investment, trade, revenue, and employment around the world. It is a globally acclaimed multi-billion dollar venture loyal towards the business for selling and making clothes and other apparel items and goods. There are some observers out there that differentiate between the apparel industry (making mass fashion clothes) vs. the fashion industry (making high-end fashionable garments) however, by the end of 1970’s the boundaries between these two major sectors faded. Fashion is best explained merely as the style or the styles of accessories and clothing worn at a given time by the people. The fashion industry is not just restricted towards making apparel products; they are also engaged in manufacturing other fashion accessories like shoes, belts, wallets, satchels, ties and many more. The world of the fashion industry has a vast range of products though – small product life cycles, volatile demand and unpredictable, long supply and inflexible procedures. There may appear to be some dissimilarity between the mass-produced street and sportswear clothes and the expensive designed fashion items shown during the catwalk sessions in Paris, Barcelona, or New York in the markets and malls around the world. However, the fashion accessories and gear industry surrounds the manufacturing, design, marketing, distribution, advertising, promotion and retailing of all the types of apparel – be it children, men, or women. The terminology fashion industry is referred for a broad range of services and industries that employ a large number of people on an international level. The fashion industry in this regard creates a bridge between the people from different parts of the planet and is considered as the most lucrative and the most profitable markets in the world.
Trends & Opportunities:The customers are engaging themselves with an array of fashion accessories, including personalized accessories, bags, and luggage that provide both luxury and functionality as indicated by the NPD group. In spite of the complete declines in the 19 billion industry, a glimmer of bright spots does live in the most fashion-focused and functional ends of the spectrum, along with where the two worlds are intersecting. The consumers today are seeking for something unique and different. In the last few years, the fashion accessories launched between the December 2016 to the December 2017 folded the most exceptional sales obtains but constituted of about third percent of the sales generated annually in 2017. The customer prominence on function is evident from the products that are showing definite signs of growth. More and more customers are purchasing some fashion gear and items like backpacks, and spending a lot more on others like shoulder bags, totes, and shoulder bags. On the other end of the line, designer based apparel was the only segment to expand its roots all over the fashion accessories industry. Designer based fashion gear and accessories now accumulate for about 12 percent of the dollar sales, following the ten percent expansion in comparison to the last year. Designer based products and goods are increasing their growth in a majority of the categories; however, options for multi-strap are a prime example of functional provisions that entice to a much broader group of customers. Multi-strap/multi-functional options have expanded to about half of the wristlet and almost 40 percent of the handbag sales in the last year. However, still small in a majority of the other fashion accessories, multi-functional strap characteristics are significant drivers of growth wherever they prevail – in most of the cases, they are the difference between the gains and losses.
Global Market:In order to facilitate the vast, 3000 billion garment and fashion industry, new organizations are entering the market of the fashion industry on a daily basis. Majority of the organizations remain unknown to their audience for a long time, and most known are the sole individual brands that are part of these worldwide fashion organizations. Louis Vuitton Moet Hennessy (LVMH), a French luxury corporation is at present the most prominent fashion organization all over the world. The annual revenues of LVMH surpassed 42.6 billion of euros back in 2017, and the organization is estimated to be around 122 billion euros. The company at present works as a chain of independent shops and stores for fashion brands like Dior, Louis Vuitton, and Fendi. LVMH does not only workaround high-end fashion industry, but also caters to other aspects of luxury lifestyle, from sailing yachts to the champagne. US-based lifestyle brand and athleisure brand Nike is the second largest fashion industry of the world. By the end of 2017, alone, Nike’s revenues were estimated to be around $34.4 billion with a market value to be around $105 billion. Nike has its retail stores all over the world and ships products worldwide. The largest market is alone in the United States with 46 percent of its total revenues, coinciding with Western Europe in about 19 percent. Majority of the income – 90 percent to be precise comes from the brand itself. However, the remaining ten percent is generated from Converse, a subsidiary of Nike. The fastest division for selling is the footwear, generating 63 percent of the total income out of 100.
Suppliers & Buyers:The United States is supposed to be the largest exporter of fashion-related products in the world; however, it still produces a fair amount of several textile items purely for fashion purposes in the markets overseas. The largest and the most significant products among the clothing and textile of the United States are:
- Raw cotton: 4.41 billion, about 19 percent.
- Cotton yarn of about 85 percent, and 1.13 billion dollars.
- Synthetic filament yarn: 1.03 billion dollars, around 4.5 percent.
- Nonwoven Textiles of about 1.77 billion dollars, and about 8 percent.