Fashion is big business. Make room for the emerging brands.
- The world clothing and textile industry – encompassing clothing, textiles, footwear and luxury goods – reached almost $2,560 trillion in 2010, according to MarketLine.
- The apparel, luxury goods and accessories portion of the market, which accounts for over 55% of the overall market, is expected to generate $3,180 billion in 2015, with a yearly growth rate in excess of 4%.
- The world menswear industry is expected to exceed $402 billion in 2014, according to MarketLine, representing over 14% expansion in five years. The leading market sub segment is clothing and footwear, with over 58% of the market. The Americas have a 35% stake in the overall market.
- The world womenswear industry is expected to exceed $621 billion in 2014, according to MarketLine, representing over 12% yearly growth. The leading market sub segment is clothing retailers, with over 64% of total market value. The EU has a more than 37% stake in the world market, which is relatively fragmented and highly competitive.
- China is predicted to become the global leader in the womenswear market by 2014, exceeding $72.4 billion, reports MarketLine.
- The global smart fabrics and interactive textile market is expected to reach almost $2 billion by 2015, reports Global Industry Analysts. The market will be driven by economic recovery, new product offerings and a rising degree of consumer confidence. Product innovation will partly concern new generation fibers, including hybrid materials and nanofibers.
- The world technical textile market continues to record strong growth. Technology usage is on the rise due to technical textiles and demand for better quality products using materials such as wool and fiber. As new high-tech fibers are more complex than traditional fibers, the production process calls for more research and qualified engineers.
- The world market for textiles made from organically grown cotton was worth over $5 billion in 2010, according to Textiles Intelligence. US and EU clothing imports and China’s exports grew in value in 2011. Companies that recorded increased revenue include: Benetton, Levi Strauss, H&M, Gap, Marks and Spencer, Gildan Activewear, TJX and Perry Ellis. In the EU, the clothing market is predicted to show almost 5% yearly growth from 2010 to 2015.
- Over 4 million people are employed in this industry which includes the following areas: design, manufacturing, distribution, marketing, retailing, advertising, communications, publishing and consulting.
- May 2011, California led the nation, with a total of 4,480 employed fashion designers (out of approx. 20,000) Source: U.S. Bureau of Labor Statistics.
- Almost one-fourth of Fashion Designers are self-employed.
- 232,000 people attend New York Fashion Week per year (116,000 each fashion week).
- $20 million is funneled into the New York City economy during fashion week.
Source: Report Linker