How to Address Challenges in the Fashion Industry
The global clothing industry is one of the most polluting industries on Earth. Waste generated from production processes is enormous. Three out of five garments produced in 2018 will end up in a landfill within a year. Many chemicals found in fabrics are dangerous to human health and the environment, and the cultivation of cotton and other natural resources uses vast amounts of water. In some cases, workers in factories are even fired for seeking redress when they try to organise. Often, fashion brands hide behind outsourcing to get around these issues, but in the end, violations of international standards must be addressed.
The fashion industry is facing multiple challenges, and the uncertainty of the future will continue to affect the sector. While shifting markets and revenue streams offer new opportunities, global economic growth has slowed. Competition is fiercer than ever, forcing fashion companies to become more strategic and innovative, keep a pulse on consumer demands, and address global issues like climate change and local tastes. While the global economy may be recovering, the fashion industry will have to start planning for a post-coronavirus world.
The cost of raw materials is rising as the price of crude oil and petrol continues to rise. This has a direct impact on the profits of many fashion houses. In addition to higher raw materials, transportation costs are also making it more difficult for these fashion houses to survive. Millennials have re-energized the apparel industry, which is why major apparel companies are focusing their marketing strategies on this generation. So what’s a fashion house to do?