[196 Pages Report] The Fashion Retailing Market size was estimated at USD 96.08 billion in 2023 and expected to reach USD 102.49 billion in 2024, at a CAGR 6.84% to reach USD 152.77 billion by 2030.
Fashion retailing is the commercial enterprise selling fashion products to the end consumer. It includes business processes involved in selling apparel, accessories, and footwear from manufacturers to consumers. It encompasses a range of activities, including the selection, purchase, distribution, and merchandising of fashion goods. Changing consumer fashion trends and technological advancements in online retailing are expanding fashion retailing operations globally. The introduction of international brands into new markets, celebrity influence on consumer fashion preferences, and the rise of sustainable and ethical fashion are creating immense potential for fashion retail worldwide. However, the high cost of labor acquisition and changing fashion trends may adversely impact the fashion retaining sector. Moreover, the exponential growth in eCommerce and mCommerce and the advent of AR and VR technologies in fashion shopping are expected to encourage the growth of the fashion retailing market worldwide.
Market preferences for bags and accessories mostly revolve around luxurious styles, durability, eco-friendliness, and value for money. Fashion customers value uniqueness, quality, and personalization in clothing and apparel. Customers often seek comfortable clothes that fit their unique style and budget. The footwear of the fashion industry primarily leans towards comfort, durability, style, and price. The footwear segment sees a steady demand for sportswear brands, indicating a high preference for comfort and performance-related designs.
The offline mode, primarily brick-and-mortar stores, has been the traditional form of fashion retailing, catering to consumer needs for tactile experiences, onsite guidance, and instant gratification. Under offline mode, subcategories such as departmental, standalone, and outlet stores provide varying shopping experiences, from diverse brand displays to unique offerings and discounted rates. On the other hand, with the advent of digitalization and increased internet penetration, the online mode of fashion retailing has flourished. Online mode caters to digitally-savvy consumers who value convenience, wide-ranging options, and customized experiences.
The children's segment comprises individuals up to 14 years of age. The children group is closely associated with the fast fashion trend due to rapidly changing sizes and style preferences. The preferences are primarily necessity-based, with comfort, durability, and price playing essential roles. The men's category in fashion retail has evolved significantly with a growing interest in personal grooming and style. Driven by needs and preferences, style, quality, fit, and brand reputation rank high. Women's fashion retailing encompasses various categories, from casual wear to luxury fashion. Several factors, including trend-following, ethical values, comfort, and affordability, influence this diverse group.
The fashion retailing market is evolving in the Americas owing to the broad and diverse consumer base, high purchasing power, and a strong inclination towards fashion trends. Several homegrown brands are continually innovating, driving the adoption of fast fashion and digital buying experiences in the Americas. Europe, encompassing key fashion hub cities including London, Paris, and Milan, sets trends that resonate around the globe. eCommerce is growing rapidly in the EU, making significant investments in online fashion retail platforms. The Middle East and Africa region have an increasingly fashion-conscious consumer base, and consumers are increasingly inclined toward luxury fashion shopping through boutiques and digital platforms. Investments in textile manufacturing, product innovation, and promotion of local brands are key initiatives driving the growth of fashion retail in the Americas.
The Asia Pacific region represents a growing landscape for the fashion retailing market owing to the rise in fashion consumer base and rapidly evolving luxury and fast fashion markets in the region. Besides, the adoption of innovative marketing strategies and emerging customization trends are anticipated to propel the growth of the fashion retailing market worldwide.
The FPNV Positioning Matrix is pivotal in evaluating the Fashion Retailing Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Fashion Retailing Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Value Fashion Retailer Citykart to Open 10 Stores Across 3 States
Citykart announced the opening of 10 new retail stores across Uttar Pradesh, Bihar, and West Bengal. The significant expansion aims to provide an elevated shopping experience to customers across diverse markets within these burgeoning states. The expansion is part of the retail company’s plans to reach a landmark of a total of 100 retail outlets by the end of the year. [Published On: 2023-11-10]
Shein Unveils Partnership with Forever 21
Shein announced a partnership with Sparc Group, the owner of Forever 21, to explore the possibility of establishing a physical presence in the US market. This collaboration aims to provide customers with an opportunity to engage with Shein's customer-centric experiences through dedicated sections within Forever 21 stores. Furthermore, this partnership will enable Sparc to expand its distribution of Forever 21 products, as it assumes the role of a minority shareholder in Shein. [Published On: 2023-08-25]
Aditya Birla Fashion to Acquire 51% Stake in TCNS Clothing for INR 1,650 Crore
Aditya Birla Fashion announced its plan to acquire a 51% stake in TCNS Clothing for an amount of USD 201.9 million (~INR 1,6500 million). This strategic move is aimed at bolstering Aditya Birla Fashion's comprehensive fashion portfolio across diverse consumer segments and price points. The acquisition will also strengthen Aditya Birla’s commitment to promoting ethnic wear in the Indian market. [Published On: 2023-05-06]
The report delves into recent significant developments in the Fashion Retailing Market, highlighting leading vendors and their innovative profiles. These include Adidas AG, ASOS plc, Boohoo Group PLC, Burberry Group plc, Chanel S.A., Christian Dior SE, Gap Inc., Gildan Activewear SRL, Golden Lady Company S.p.A., H & M Hennes & Mauritz AB, Hanesbrands Inc., Hermès International S.A., Inditex, S.A., Jockey International, Inc., Kering, LEVI STRAUSS & CO., LVMH, NIKE Inc., Prada S.p.A., PVH Corp., Ralph Lauren Corporation, The Swatch Group Ltd., Uniqlo Co., Ltd., and VF Corporation.
This research report categorizes the Fashion Retailing Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Product
- Bag & Accessories
- Clothing & Apparel
- Footwear
- Distribution Channel
- Offline Mode
- Online Mode
- End-User
- Children
- Men
- Women
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast of the Fashion Retailing Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Fashion Retailing Market?
- What are the technology trends and regulatory frameworks in the Fashion Retailing Market?
- What is the market share of the leading vendors in the Fashion Retailing Market?
- Which modes and strategic moves are suitable for entering the Fashion Retailing Market?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Fashion Retailing Market, by Product
- Fashion Retailing Market, by Distribution Channel
- Fashion Retailing Market, by End-User
- Americas Fashion Retailing Market
- Asia-Pacific Fashion Retailing Market
- Europe, Middle East & Africa Fashion Retailing Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 22]
- List of Tables [Total: 284]
- List of Companies Mentioned [Total: 24]
Cost-Effective Production:
With fast fashion, retailers have figured out a way to produce trendy clothes cheaply and cost-efficiently. From production methods to sourcing materials, fast-fashion brands like H&M, Zara, and Boohoo have mastered the art of keeping production costs as low as possible. This leads to more affordable clothing prices, which cater to a consumer's desire for on-trend items without breaking the bank.
Rapid Production Turnaround:
One of the key characteristics of fast fashion is its capability to easily adapt to changing trends in real-time. With rapid production turnaround times, it's easy for retailers to create new styles quickly and fill their stores with fresh merchandise regularly. This keeps customers coming back for new items without waiting for an entire season's worth of clothing to drop.
Wide Accessibility:
Due to eCommerce, fast fashion has become accessible to people worldwide. Consumers can now purchase clothes from anywhere worldwide and have them delivered to their doorstep in just a few days. As a result, fast fashion retailers have expanded their reach into new markets, ultimately leading to increased profits.
Changing Consumer Habits:
The rise of fast fashion has also significantly impacted consumer habits. Consumers now hold access to a wide variety of trendy clothing, leading to a culture of disposability, where clothing is treated as a throwaway commodity. As a result, many consumers are now more aware of the environmental impact of their purchasing habits and are shifting toward more sustainable options.
Fast fashion is changing the game in fashion retailing by providing affordable and accessible options for consumers while driving rapid growth for retailers. However, sustainability concerns and evolving consumer habits have led brands to rethink their practices. As the fashion industry continues to grow, it will be interesting to see how fast fashion adapts to meet changing consumer demands while addressing concerns regarding the environmental impact of their production methods.
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