Fashion in Business Ecosystem
The Fashion Industry has become one of the world's biggest money-making trades because of its ability of being in-demand. Fashion will never go out of style which is obviously the reason why investing in it would be a smart move.
In recent years, fashion developed into a major economic force and a significant driver of global GDP. Clearly, the industry boomed as the fashion culture spread its influence all over the world and more people are loving the trends. Television and social media are major trendsetters and the proliferation of the fashion business must be attributed to these two. As various social media platforms highlight the need to dress up and accessorize for certain occasions, many people believe that appearing excellent is a mind exercise and surely benefits mental health.
As in the past, people would glam up when attending special celebrations or if they are going to work or perhaps attending rendezvous. These days, you will see people dressing up even when they are just staying at home or if they are just simply doing market errands. The public nowadays has become so particular on how they look. We can all blame the society for being so judgmental about our appearance. Even when we are seeking employment, appearance matters. Future employers will initially judge your capabilities based on how you dressed for a certain event. By taking care of your appearance, you are showing what kind of personality you have.
Hence, the reason why people buy dresses—to suit their personality. More consumers only mean expansion and growth. This is what happens to the fashion world. It became so big it globalized its market in all countries around the world and it expanded from textile to clothing, accessories, make-ups and so many others. Fashion now operates in a vastly competitive market controlled by the presence of
Global brands. Perhaps, fashion is the only industry that has attained growth and has experienced impressive transformations in such a short time.
The most likely explanation to this is, fashion industry’s knack to serve both young and old generations at the same time. It actually gives a number of opportunities like in securing employment; giving an outlet for art appreciation and expression and helping economies through its return of investment. For instance, the United States Joint Economic Committee published a report through the Bureau of Labor stating that 1.8 million people are employed in the Fashion Industry in United States alone. We can imagine how much more it would be if we count those employed in other continents like Europe and Asia.
It is extraordinary to note the changes which have occurred in the competitive set-up in which fashion revolves. Many developments were taken to step up the industry in the hopes that people will appreciate the importance of fashion to everyone and to the country’s economy. Now, companies operate, combined with profound transformations in the lifestyles of the consumers. From catering to the needs of refining lifestyles, it has taken a step to translate into the need to redefine the business models.
The industry acknowledges that consumers are purchasing the make-believe metaphors of sensual authority, athleticism, attitude, or joy these brands propagate in extravagant, pervasive, hyper-visible marketing on high-tech electronic media. The power and influence that fashion has is immeasurable to a point that there a number of well-known personalities who are willing to spend millions of dollars just to secure a fashion piece. This is what the industry likes, people who are hungry of their creation. It has indeed articulated the power of style and fashion through influence.
The “dress for success” mentality has definitely transcend from person to business aspect. Now, more and more are drawn to the magic of fashion in making things luxurious not only in changing the appearance of people but also in changing their lives in general. Many fashion designers like Ralph Lauren, Lee Alexander McQueen, Coco Chanel, Louis Vuitton and Theirry Hermes and vlogger superstar, makeup artist and cosmetics mogul, Jeffree Star have inspiring rags to riches stories. These artists are proof that fashion is not only a creative expression but also a revenue generator.