The fashion and apparel industry is a dominating player in the global economy, generating over three trillion dollars yearly. The gains of a successful clothing company are nothing short of massive.
About 80 percent of its market concentrates in luxury goods, men’s wear, and women’s wear segments. If you want to enter the trade quickly, there are countless lucrative clothing franchise business opportunities you can explore. Check out these emerging trends in the clothing industry:
Emerging Markets on the Rebound
Not too long ago, analysts projected Russia, China, and much of the Middle East to be the new frontiers in the fashion market’s growth. However, recent worldwide developments and economic worries have thrown these predictions into question.
Meanwhile, experts do not expect UAE, Qatar, Saudi Arabia, and Egypt to see these downturns as threats, and this helps fashion-related investments to move forward. In times of global economic uncertainty, there are still many reasons to be optimistic about the apparel industry’s future.
New Online Models
As with other consumer goods, clothing has been heavily affected by modern technologies through ecommerce and mobile apps. Many businesses found success in carving exclusive niches on Facebook Marketplace. These online platforms became excellent avenues for new vendors to establish their brand. It also helps that customers are highly engaged in this trend, with around two-thirds of all shopping today occurs online.
Nevertheless, only 19 percent of sales occur in these channels, meaning that customers mostly use the internet to search for products and compare their prices. To take advantage of this, companies should have a comprehensive online presence while building relationships with reliable and innovative stores.
With all the changes happening in the apparel industry, it is essential for brands to create a strong network of strategic partners. These retail partners will be a factor in the success of clothing companies as the line between online and in-store selling continues to blur.