Until recently, three models dominated the fashion industry: brands, retailers, and manufacturers, each with a specific set of business priorities and expertise
However, the economic landscape has shifted in the last few years and with it, the dominating forces in fashion. The changes transforming the world—and the fashion industry—range from the political to the financial to the technological, and all have significant impacts on the product lifecycle and consumers: exchange rates fluctuate constantly; the cost of raw materials has oscillated greatly in the past few years; changes in ruling political parties have triggered economic and fiscal policy changes; labor issues pose unique challenges for safety and health standards; and environmental issues and sustainability continue to grow in importance.
The pace of demand for newness has also accelerated to a rate that is difficult to meet with traditional technology and process models. Consumers want new products as fast as they can think of them and always for less money. Luckily, technology is also evolving and recent innovations in design and development solutions support the ability to respond to consumer demand with faster production to give companies the control and flexibility they need to stay competitive.
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