One of the biggest challenges in tackling child labour in the fashion supply chain is the complex supply chain for each garment. Fast fashion clothing collections are based on the most recent fashion trends presented at fashion week in both the spring and autumn of every year. Jan 08, 2018 the environmental costs of fast fashion. Unsurprisingly, fast fashion chains in europe have grown faster than the retail fashion industry as a whole cachon and swinney. Epitomised by the multinational retail chains, it relies on mass production, low prices and large volumes of sales. Fast fashion is the latest business model trend in the fashion industry. Fast fashion, sustainability, and the ethical appeal f.
The same fast fashion retailers sourcing from leicester are also selling clothes so cheaply that they are being treated as single use items. If youre reading this article, youre probably already aware of fast fashions dark side, but its worth exploring how the industry got to this point. From the perspective of business model dynamics author. Is the fast fashion industry ready to change its wasteful. The fast fashion industry in china dresses the new generation. The psychology and behavior of consumers in the fashion. With a growing number of highvalue jobs that pay high wages, fashion is now having a big impact not only in fashion centers on the coasts, but also in. As with everything in this fastmoving sector, well just have to wait and see.
One consequence of fast fashion has been an explosion in. By rapidly transforming new trends into low price products, fast fashion drives up the frequency of purchases by consumers. Fast fashion has been a particularly hot segment and a source of enviable growth for some clothing companies. Pdf a study of the human rights implications of the fast. Consumers have shown an inclination towards these brands that are selling good quality fashion products at affordable prices. Pulse of the fashion industry boston consulting group. The forum for the future explored the question in the fashion futures report pdf.
These stores fuel and fulfill our demand for fast fashion trendy, cheap things we can easily discard as soon as the clothes fall apart or the next. If youve ever popped into a clothing chain for some cheap retail therapy youve participated in the fast fashion industry. The pulse of fashion report projects that by 2030 global apparel consumption could rise by 63%, from 62 million tons today to 102 million tons equivalent to more than 500 billion additional tshirts. This statistic shows the market value of the fast fashion market worldwide in 2008 and 2018, and provides a forecast for 2028. With fast fashion, clothing brands have rejected the seasonal model of dressing in favor of a nearconstant stream of new designs. The fast fashion industry is one facet of the multibillion dollar global fashion industry. The 2015 netflix documentary true cost highlighted issues surrounding the clothes we buy, how theyre made, and the impact fast fashion has on the environment. According to fletcher fast fashion is time based whereas slow fashion is rather qualitybased 4. The fashion retail industry moves at breakneck speed meaning you need to do more than. In recent decades, the fashion industry has been an engine for global development. With consumers understanding and accepting the lesser quality of the garments in substitution for lower prices, they are quick to throw away the items and move on to the next trend. In order to do so, these firms use unethical and exploitative cost.
According to cachon and swinney 2011 companies following the fast fashion business model are characterised by a quick response to the latest fashion trends as well as short production. May 17, 2019 this statistic shows the market value of the fast fashion market worldwide in 2008 and 2018, and provides a forecast for 2028. Fast fashion market value forecast worldwide 20082028 statista. Due to the adoption of fast fashion business models, industry sectors involved in.
An analysis of the fast fashion industry senior project submitted to the division of social studies of bard college by annie radner linden annandaleonhudson, new york. Fast fashion is a term used by fashion retailers to describe inexpensive designs that move quickly from the catwalk to stores to meet new trends. Pdf how the fast fashion industry can address the issue of. In 2015, sales of the fast fashion industry in china reached cny 534. Thanks to falling costs, streamlined operations, and rising consumer spending, clothing production doubled from 2000 to 2014, and the number of garments purchased each year by the average consumer increased by 60 percent. There is so much waste being created and that has changed really dramatically in the last 15 years with the rise of fast. Pdf staying competitive in the fastfashion era in a developing. The fast fashion segment of the industry has also shown faster growth and it is mainly because of affordable luxury brands in the fast fashion segment.
Compared to the standard formula, the fastfashion discounters have a markedly lower gross margin less than 4 0%, an even higher level of. Women walk past tannery wastewater that is being pumped from a factory straight into the street, in cairos ain elsirra district. Initially adopted by zara and primark, the strategy has spread throughout the. Pdf how the fast fashion industry can address the issue. An undergraduate dissertation submitted in april 2015 for a course convened by dr yoriko otomo, for which i received a firstclass grade.
It describes fast fashion from a supplier as well as a. The fastfashion discount model the business model used by discounters such as primark or forever 21 is a modification of the proven fastfashion formula. Fashion industry analysis from the perspective of business. Fast fashion is a contemporary term used by fashion retailers for designs that flow from the catwalk quickly to capture current fashion trends. Fast fashion model companies following the fast fashion business model are characterized by a quick response to the latest fashion trends as. Instead, it shows us the dark and grim side of global fast fashion supply chain. The uks house of commons environmental audit committee has recently published a report on fast fashion fixing fashion. Environmental impact of textile and clothes industry.
In response to the explicit moral issues of fast fashion, sustainable fashion. How could changing consumer trends affect fastfashion. Fast fashion stores in the us industry data, trends, stats. As the world population exceeds 8 billion in the coming decade, the fashion industry is expected to expand further. An analysis of the fast fashion industry semantic scholar. This included an investigation on the possible approaches for making the industry develop. Fast fashion in china accounted for most of that growth, as international brands continued their aggressive expansion and gained more share of the market. Jun 11, 2018 if youve ever popped into a clothing chain for some cheap retail therapy youve participated in the fast fashion industry. Due to the adoption of fast fashion business models, industry sectors involved in the fashion supply chain pursue. Fast fashion brands introduce new styles at more frequent intervals, focusing less on durable quality, and more on low costs and up to the minute designs. The changing dynamics of the fashion industry have. Even when brands have strict guidelines in place for suppliers, work often gets subcontracted to other factories that the buyer may not even know about. Feb 10, 2019 fast fashion disrupted many of specialty retailings fashion stalwarts.
Fast fashion replaces exclusivity, glamour, originality, and luxury with massclusivity and planned spontaneity toktali 2008. It is a story about greed and fear, power and poverty. With a growing number of highvalue jobs that pay high wages, fashion is now having a big impact not only in fashion centers on the coasts, but also in smaller cities around the country. An analysis of the fast fashion industry bard digital commons. Speed to market in the retail fashion industry hso. In addition to that current state of sustainability in western fast fashion companies is evaluated, how fast fashion companies can gain from sustainability and can the sustainability be achieved with made changes. Epitomised by the multinational retail chains, epitomised by the multinational retail chains, it relies on mass production, low prices and large volumes of sales. Fast fashion or disposable fashion has become the norm in europe. Fast fashion, sustainability, and the ethical appeal of luxury brands. Key words fast fashion, fashion brand, competitive advantage.
Fast fashion, which references apparel with short product life cycles, has emerged as a potent competitive force. Sustainable and ethical practices for the fast fashion industry. The sustainable future of the modern fashion industry. Fast fashion disrupted many of specialty retailings fashion stalwarts. 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. Box 217, 7500ae enschede the netherlands abstract the fashion industry is a dynamic and volatile place, continuously exposed to macroenvironmental factors that trigger fashion business models to change.
The fast fashion discount model the business model used by discounters such as primark or forever 21 is a modification of the proven fast fashion formula. The fast fashion model is currently at the forefront of the apparel market casting. These interviews have shown that there are various sustainable advances taking place within the garment industry in order to combat fast fashion. Fashion industry, multibilliondollar global enterprise devoted to the business of making and selling clothes. Is the fast fashion industry ready to change its wasteful ways. The fast fashion era introduction the fashion industry could be defined as billion dollar industry that employs millions of people worldwide. These firms aim to provide lowcost, lowquality, trend based clothing to consumers at unprecedented speeds. Thirdly, now the fast fashion market is mainly dominated in each geographical areas by several big brands, and the threshold for entering the market is relatively. Fast fashion falls into the highstreet section in the readytowear segment. Fashion industry is centuries old industry and fashion plays very important role in. Pestelpestle analysis of the fashion retail industry. There is a reason why fast fashion is also known as disposable fashion. The other significant trend was the rise of fast fashion. Over the past 30 years, the textile industry in europe has experienced disruption from two types of new business model.
The fashion industry has been in the spotlight in recent years as more people call out major retailers for unfavorable practices, including selling fast fashion. This is an edited excerpt from the first joint report from mckinsey and the business of fashion, the state of fashion pdf 8mb. Semantic scholar extracted view of an analysis of the fast fashion industry by annie radner linden. Get up to speed on any industry with comprehensive intelligence that is easy to read. Similar to fashion, the fast fashion industry is broken down into sections. According to cachon and swinney 2011 companies following the fast fashion business model are characterised by a quick response to the latest fashion trends as well as short production and lead times resulting in a high speedtomarket.
From the exploitation of skilled labor to its inability to react to and adapt to technology, these are the big issues that will face the fashion industry in 2019. From an operations standpoint, fast fashion requires a highly responsive supply chain that can support a product assortment that is periodically changing. Sustainability of the fashion industry parliament publications. Overall, 2017 is expected to be a better year for fashion industry. One of the worlds largest consumer industries,1 generating 1. Compared to the standard formula, the fast fashion discounters have a markedly lower gross margin less than 4 0%, an even higher level of. If the pulse score stays on its current trajectory, the gap between industry output and the pulse score will widen. The purpose of this paper is to explore how fast fashion industry can address the issue of environmental and social sustainability. It is because firstly the fast fashion is always considered as a small part of fashion industry, so the features of fast fashion and its own consumer characteristics. Pdf the fashion apparel industry has significantly evolved, particularly over the last 20 years. Delace, jessica, the psychology and behavior of consumers in the fashion industry 2011.
1501 968 855 352 1217 209 128 1533 1142 1249 1022 333 415 858 216 830 472 854 407 648 1034 1345 1168 730 1071 1540 831 983 671 618 745 1035 795 1360 1392 785 556 316 730 39 17 724 464 581 283 328 69