5 things you probably didn’t know about the fashion industry Mark Twain once wrote, “Clothes make the man. Naked people have little or no influence on society.” Whether we’re one of the millions of people employed by the sector or just someone who likes to shop on Fifth Avenue or in second-hand stores, we are all touched by the fashion industry. Before the early autumn ushers in fashion weeks around the world, here are five things about the global fashion industry you probably didn’t know: The fashion industry generates up to $2.5 trillion in revenue a year The fashion industry is huge and continues to grow rapidly – according to current growth projections, it will double in the next 10 years, generating up to $5 trillion annually. It’s not just big in terms of revenue – it also employs 60 million people around the world. Clothing accounts for 88% of Haiti’s exports Only 25% of board members of publicly-traded fashion companies are women But while the shop floor is one story, the boardroom is another. 24 April is Fashion Revolution Day Share
Economy Of Fashion: How Different Trends Reflect The Financial State It's common knowledge fashion is cyclical in nature. The concept of “newness” in fashion doesn't refer to the premiere of a trend, but rather its revival. Why fashion cycles in this manner, however, is less obvious. There are lots of factors at play: cultural trends, politics, celebrity influence. One one of the most surprising factors to influence the cycle of fashion, though, is the state of the global economy. If you think about it, it makes sense. During tougher times, if you need new clothes, the focus is less on passing fads and more on classic, quality pieces worth the expenditure because they’ll last (which also aids in cutting down cost per wear). As FIT professor John Mincarelli tells ABC News, “In rough economic times, people shop for replacement clothes,” adding “basics” prevail during an economic downturn. Economist George Taylor was the first to notice the correlation between fashion and the economy; he developed the “Hemline Theory” to describe his findings. Pinterest How?
Michelle Obama, Jackie Kennedy, and the Best Fashion Moments in American Political History At the Democratic National Convention on Monday night, First Lady Michelle Obama took the stage to deliver a rousing argument for uniting the party and casting a vote for Hillary Clinton. Her wardrobe choice—a sapphire blue cap-sleeved dress by American designer Christian Siriano—delivered a clear message, too. She picked the party’s color, matched perfectly to the Convention backdrop, as if to say: This isn’t about me. And Siriano is known not just for his, perhaps, more democratic ascent into fashion—he won Project Runway in 2008—but also for dressing women of all sizes, mostly recently, Leslie Jones for the Ghostbusters premiere. In one dress, the First Lady conveyed elegance and humility, political allegiance as well as national pride. Consider Jackie Kennedy as the beginning of this fascination with Washingtonian dressing. As her party’s greatest hope, these days Clinton looks comfortable in, even unapologetic about, her clothing choices. See more photos of: Read Caption
Brexit causes dramatic drop in UK economy, data suggests Image copyright Getty Images Britain's decision to leave the EU has led to a "dramatic deterioration" in economic activity, not seen since the aftermath of the financial crisis. Data from IHS Markit's Purchasing Manager's Index, or PMI, shows a fall to 47.7 in July, the lowest level since April in 2009. Both manufacturing and service sectors saw a decline in output and orders. However, exports picked up, driven by the weakening of the pound. The report surveyed more than 650 services companies, from sectors including transport, business services, computing and restaurants. It asked them: "Is the level of business activity at your company higher, the same or lower than one month ago?" It also asked manufacturers whether production had gone up or down. The PMI is the first significant set of data measuring business reaction to the result of the UK referendum. Business Live: Pound tumbles Chancellor may 'reset' economic policy 'Record slump' So this is a troubling set of results. 'No surprise'
Fashion and Politics | Fashion Institute of Technology Gallery FIT July 7 – November 7, 2009Online Exhibition Fashion & Politics was a chronological exploration of over 200 years of politics as expressed through fashion. The term politics not only refers to the maneuverings of government, but also encompasses cultural change, sexual codes, and social progress. Throughout history, fashion has been a medium for conveying political ideologies and related social values. Fashion has addressed such important themes as nationalism, feminism and ethnic identity, as well as significant events and subcultural movements. "American Flag" costume, printed cotton, c.1889, USA, gift of Stephen de Pietri, 88.125.1 Vivienne Tam, suit, black and white polyester in checkerboard pattern of "Mao" portraits, 1995, USA, gift of Vivienne Tam, 95.82.5 Mainbocher for United States Navy, W.A.V.E.S. uniform, navy blue wool, 1942, USA, 84.2013.1 Dress, white cotton with red "IKE" print, circa 1956, USA. This exhibition was organized by Jennifer Farley and Melissa Marra.
The Global Economics of Fashion and Clothing - Part 1 – Clothing | Elliott Morss How Important Personal appearance – how we look – is important to most people. Nevertheless, we spend very little on clothing. Table 1 provides consumption expenditure shares for selected developed nations. Table 1. – Consumption Expenditure Shares, Selected Countries, 2008 Source: OECD (2010),”Final consumption expenditure of households”, Detailed National Accounts (database). Table 2 provides data on total and per capita clothing expenditures in selected developed nations. Table 2. – Clothing Expenditures, Selected Nations, 2008 International Trade As Table 3 indicates, the United States is by far the largest importer of clothing. As the last column in Table 3 indicates, most clothing is produced domestically. Table 3. – Clothing Imports, Selected Nations (mil. Source: Table 4 provides data on the leading clothing exporters. Table 4. – Largest Clothing Exporters (mil. Recession Effects Clothing outlays are not recession-proof. Fashion
10 Most Powerful Luxury Fashion Brands In The World The luxury market has been growing significantly over the past couple of years and is still continuing on an upwards trend. Experts forecast an annual growth rate for the luxury goods market of 5-6% between 2013 and 2015. The Brain & Company estimated the luxury market to be valued at $274 billion, with a potential to reach an astonishing value of $290 value by 2015. Whilst the luxury market has been dominated by Louis Vuitton, which continues to be the most valuable luxury brand on a global scale, other names have been emerging as potential market leaders. Gucci and Prada have experienced the most significant growth. With great growth and potential, brands like Prada, Gucci and Hermes may one day overtake the market. and reach the number one spot. It is believed that Prada and Gucci experienced such high growth in brand value due to an increase in Asian customers, at home and abroad. Read on to find out the Top 10 World’s Most Powerful Luxury Brands. 10. 9. 8. 7. 6. 5. 4. 3. 2. 1.
Sustainability in the Fashion Industry - Supply Chains Effect on the Environment As one of the biggest players in the global economy, the fashion industry has a responsibility to help protect the environment. We’re commemorating this Earth Week by asking some tough questions about our impact on the planet and what we can do about it. We’ll also be profiling people and companies who are instigating change. We’re calling the series “,” and to kick things off, Maya Singer takes a look at the harsh realities of the fashion supply chain. I used to have nightmares about plastic. Back in 2008, I spent New Year’s Day immersed in The World Without Us, Alan Weisman’s thought experiment about what would happen to Earth if the human race was suddenly raptured off the face of it. The World Without Us is one of the seminal texts of my life. “Supply chain.” In the era of hypercapitalism, the typical fashion supply chain is vast and Rube Goldberg-esque. See what I mean about a machine? So I’m going to try to make this interesting. The impacts of the fashion supply chain are vast.
Faux Fur is More Than a Faux Pas, it's Poison One of the arguments most beloved of the anti-fur lobby is that fake fur is actually better for the environment than the real thing. That argument, however, is as fake as the apparel it supports. And some new research has thrown the whole issue around man-made fibres more generally into the limelight. What are these microfibres? But this new study is only part of the story. What the activists have notably left out, however, are the gaping flaws in that research, not least the fact it was commissioned by three European anti-fur groups. On the one hand, we can prove this figure is vastly over-inflated. It also conveniently ignored that mink manure is used as fertiliser and biofuel, and, most importantly, that real fur lasts a long, long time. This last point is perhaps the crux of the matter. And, lest we forget, fake fur, comprising polyacrylates, requires the extraction and fractionating of petroleum as well as the subsequent conversion into fibres and mass manufacturing into products.