The global fashion industry is among the most crucial sectors of economy in terms of income, trade, investment and employment generation worldwide. Fashion industry has tremendous variety of products, small product life cycles, unpredictable and volatile demand, inflexible and long supply procedures. Over the past twenty yrs this industry is in the transition.
Few of their great contributors are:
Progressive use of electronic mercantilism in retail, Remarkable consolidation in retail, and Wholesale merchandise
The apparel and clothing industry makes dressing products from both synthetic and natural fibers such as silk, cotton, wool, polyester, Lenin, rayon, jean and Lycra. The great sections covered in garment industry comprise children dressers, dresses for females, men’s dresses, men’s bridal clothing, wedding clothing and lingerie.
The supply chain of industry
The supply chain provided by the fashion industry network can be classified into 5 main components as fabric plants, raw materials, clothes manufacturers, exportation chains, garb plants, consumers and retail shops.
Leading manufacturing businesses and their share
During 2006, the biggest garment manufacturing businesses and exporters were nations from Asia-pacific part which comprised nations such as Hong Kong, China, Malaysia, Philippines, Bangladesh, Indonesia, Ceylon, Thailand, Pakistan and India. Some other leading garment manufacturing countries were Italy, United States, Mexico and Germany.
Global trends and trade volume
Since the clothing manufacturing world has become more effortful and needs little capital money, their concentration are moving a lot toward the growing nations and still making big amount of the exportation. This could be proved by the reality that the clothing production in industrial nations has been reduced between eighties and 1996, where as production raised in growing nations on the same time period. Same trend was found in exportation, the clothing exportation from growing nations raised six-fold between eighties and 1997.
The total income of global fashion industry during 2006 was about 1, 252.8 billion US dollars, which was more or less sixty-eight percent of the total industry value.
The Industrial challenges
Even though the fashion industry is increasing at really a high rate however still there’s few barriers, which is obstructing the industrial growth. Few of them are:
Though the need for clothes is increasing daily but the rate of production is still can’t match the ever increasing demand. To match the demand more production facilities are required.
Globalization has supported the merchandise in several means however because of globalization the competition get raised and therefore it’s not really simple for the companies to cope with much competition, because they need to maintain quality and also meet the deadlines. Few merchandise polices still are much in favor of developing nations and to help imports from the developed nations they have to be reviewed.
As fashion industry is driven by fashion, and fashion keeps changing, the companies need to cope up with the changing trends of fashion industry. Therefore they normally have to work under pressure to complete orders in time.