WFX：2024

发布时间：2024-12-16 12:32

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1、Fashion IndustryOutlook2024-25Copyright WFX 2024.All rights reserved.Table OfContentsCopyright WFX 2024.All rights reserved.IntroductionVertical Integration Consolidation Sustainability Regulations Geographic Dispersion Automation Fiscal Agility Mass Customization Transparency&Traceability Digital T

2、ransformation Generative AI Key Takeaways About WFX 1.2.3.4.5.6.7.8.9.10.11.12.14.TitlePage No.https:/www.worldbank.org/en/news/press-release/2024/01/09/global-economic-prospects-january-2024-press-releaseLinear supply chains and conventional manufacturing methods are no longer the dominant business

3、 model for the fashion industry.Things are changing fast.Robots are becoming the new seamstresses.Sustainability is at the center of everything.Waste is now a raw material.And data?Its the new fashion muse.This is the fashion terrain of 2024.The challenges and opportunities for fashion businesses ar

4、e not just about keeping pace with these advancements,they also include navigating the complex geopolitical landscape and responding to higher borrowing costs,changes in global trade policies and labor laws.This dynamic environment,marked by elections in several key supplier and consumer markets as

5、well as the geopolitical shifts that come with it,will demand higher adaptability and foresight in 2024.As we stand on the brink of 2024-25,you will indefinitely find yourself grappling with the accelerated pace of technological change,the pressing demands for sustainability,and the shifting sands o

6、f consumer preferences.The pressure from brands for quicker turnarounds or increasing calls for transparencyare not exceptions but the norm.All this while the global economy is on track for the worst half-decade of growth in 30 years,according to the World Bank projections for the year 2024.Copyrigh

7、t WFX 2024.All rights reserved.IntroductionYour business response to these market shifts wont just determine your relevance;it will decide your survival.With this reality at our doorstep,lets take a closer look at the industry trends that are shaping our industry and how fashion businesses of all ty

8、pes and sizes can and will adapt their business to thrive in this new era of fashion.Whats on the 2024 Mood Board?1Increasing Geopolitical ComplexityHigher Borrowing Costs Global Trade Policy Changes Elections in Key Markets Faster Trend CyclesAutomation&AI Takeover New Sustainability Regulations Co

9、pyright WFX 2024.All rights reserved.1.Vertical IntegrationExploring New Frontiers2The current climate of the fashion industry has pushed manufacturers to adopt vertical integration as a vital strategy for growth and survival.This trend sees garment manufacturers expanding into realms traditionally

10、outside their purview such as textile production,knitting,and dyeing.The core motivation behind this shift is clear:to meet the increasingly demanding timelines set by buyers.When you own more stages of the supply chain,you can exert greater control over production processes and significantly cut do

11、wn on lead times.This integration also allows you to respond more agilely to market changes and customer demands.However,this move requires significant capital investment and a rethinking of traditional business models.For many,it could mean venturing into unfamiliar territory,necessitating new expe

12、rtise and potentially reshaping your workforce.Yet,the potential benefitsimproved efficiency,better quality control,and increased competitivenessmake this a trend hard to ignore.Businesses who can successfully navigate this shift could find themselves at a significant advantage,able to offer faster,

13、more responsive service to clients.https:/ by way of mergers,acquisitions and so on will be another big thing for the apparel supply chain in 2024-25.Several big firms,in their quest for efficiency and reliability,are increasingly narrowing their supplier base.This shift towards working with fewer b

14、ut larger full-service suppliers will reshape the competitive landscape.For high-performing manufacturers,particularly those who score well on buyer scorecards,this trend presents significant growth opportunities.However,for smaller companies,the low growth,high cost,and low margins era will pose se

15、rious challenges.Such businesses would need to develop strategic partnerships to survive.Everyone from retailers to manufacturers will be looking for economies of scale to help counteract rising operating costs.As some entities struggle to compete,the ability to deliver quickly and reliably will bec

16、ome key.In such as environment,those who can adaptby scaling up operations,investing in technology,or finding niche marketsmay be the ones to thrive.However,the message is clear:agility and digital savviness are not just desirable attributes but essential for survival.Copyright WFX 2024.All rights r

17、eserved.2.ConsolidationSurvival of the Fittest3https:/fnance.ec.europa.eu/capital-markets-union-and-fnancial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en?https:/fnance.ec.europa.eu/capital-markets-union-and-fnancial-markets/company-reporting-and-audi

18、ting/company-reporting/corporate-sustainability-reporting_en?https:/environment.ec.europa.eu/topics/waste-and-recycling/waste-framework-directive_en?https:/environment.ec.europa.eu/topics/waste-and-recycling/waste-framework-directive_en?https:/www.thefashionact.org/?https:/www.thefashionact.org/?We

19、all know that sustainability is no longer a buzzword.Legislation is coming for fashion supply chains.Its a regulatory and ethical imperative.Europes Corporate Sustainability Reporting Directive,the Waste Framework Directive,Ecodesign Criteria for Consumer Textiles and New York State Fashion Sustaina

20、bility and Social Accountability Act are just a couple from the top of our heads.Driven by stringent regulations in the EU,the UK,and beyond,manufacturers are being compelled to adopt more sustainable practices.These regulations are not just about environmental protection but also encompass fair lab

21、or practices and ethical sourcing.The challenge for the industry is twofold:to adapt manufacturing processes to be more eco-friendly whilst ensuring transparency and ethical practices across the supply chain.Meeting these demands requires significant effort and investment.It might mean overhauling y

22、our existing production methods,sourcing new,sustainable materials,or investing in technologies that reduce environmental impact.The shift also demands a new level of transparency,with brands increasingly expected to provide proof of sustainability at every stage of the supply chain.Despite these ch

23、allenges,the road to sustainability is also paved with opportunities such as catering to a growing segment of consumers who prioritize sustainability,opening of new markets and possibilities for brand differentiation.Copyright WFX 2024.All rights reserved.3.SustainabilityA Regulatory and Ethical Imp

24、erative4Copyright WFX 2024.All rights reserved.4.Geographic DispersionNew Manufacturing Hubs&Globalized Retail The global fashion manufacturing map is changing.Manufacturers,especially from traditional hubs like India,are expanding their operations into new regions such as Africa,Middle East,Turkey

25、and Latin America.This move is motivated by the desire to break free from traditional geographical constraints and tap into new advantages such as competitive labor costs,access to raw materials,and be closer to the consumer markets in regions like Europe,UK and the Americas.This geographic expansio

26、n is also a strategic response to the supply chain disruptions experienced during the pandemic and ongoing geopolitical tensions.By diversifying their manufacturing bases,fashion brands aim to reduce their dependency on traditional hubs.This shift towards nearshoring and reshoring is expected to con

27、tribute to more resilient supply chains and potentially faster turnaround times for the industry.Effective management of these geographically dispersed operations is crucial.This necessitates robust cloud platforms that can handle complex logistics and supply chain management across diverse location

28、s.As brands navigate these changes,the ability to swiftly adapt to new manufacturing landscapes while maintaining efficiency and quality will be key to their success in the global fashion market.5Copyright WFX 2024.All rights reserved.5.AutomationThe New WorkforceAutomation represents a seismic shif

29、t in garment manufacturing,with robots and AI-powered machines increasingly taking over tasks like cutting,sewing,and finishing.This trend is driven by the need to improve efficiency,accuracy,and consistency,while also reducing labor costs.For many businesses,automation offers a path to higher produ

30、ctivity and competitiveness to meet the demands of a fast-moving market more effectively.However,the move towards automation also raises important questions about the future of our workforce.As machines take on more tasks traditionally performed by humans,how will the role of skilled labor evolve in

31、 this future?This shift necessitates a rethinking of workforce strategy,with a growing need to reskill and upskill everyone from the designers and technical teams to factory workers and manager so that they can work alongside these new technologies while leveraging them efficiently.While automation

32、undoubtedly brings many benefits,it also underscores the need for a balanced approach that considers both technological advancement and the human element of our industry.6https:/ we navigate the choppy waters of the coming years,a crucial theme for fashion businesses will be the astute management of

33、 costs and inventories,coupled with strategic pricing.This approach isnt just about controlling expenses;its about harnessing financial tools to remain agile in a market characterized by fierce competition and evolving consumer preferences.The effective use of financial analytics and forecasting too

34、ls will be key in making informed decisions that strike the right balance between cost-efficiency and investment in growth opportunities.In this environment,understanding and responding to consumer shiftsin styles,tastes,and prioritiesis essential.Brands and suppliers that can adeptly navigate these

35、 changes,leveraging modern finance and accounting tools to fine-tune their strategies,will not only survive but thrive.The ability to dynamically adjust pricing in response to market trends and consumer data,while managing inventories to reduce waste and maximize sales potential,will distinguish the

36、 leaders in this competitive landscape.Therefore,embracing sophisticated financial management tools becomes more than a necessity;its a strategic advantage.This fiscal agility will allow manufacturers to capitalize on new trends,adapt to market shifts,and create value in a landscape where consumer p

37、references are evolving every day!Copyright WFX 2024.All rights reserved.6.Fiscal AgilityBalancing the Books7Copyright WFX 2024.All rights reserved.7.Mass CustomizationThe Personal TouchMass customization is transforming the way we think about manufacturing in the fashion industry.This trend is fuel

38、ed by consumers growing desire for personalized and customized clothing that reflects their individual style,preferences and of course,the latest trends!Manufacturers will have to increasingly offer options for customization,ranging from made-to-measure garments to online design tools.This shift tow

39、ards personalization requires businesses to be more flexible and adaptable in their production processes,incorporating technologies like 3D printing to cater to individual customer needs.In fact,the rise of Direct-to-Consumer(DTC)brands is a testament to the growing importance of personalization in

40、fashion.These brands are disrupting the traditional retail model by offering more personalized experiences and customization options,often through online platforms.For the manufacturers,this trend represents a significant opportunity to collaborate with DTC brands,adapting their operational processe

41、s to meet the demands of a market that values uniqueness and personalization.However,it also challenges suppliers to rethink production models,moving away from mass production to more agile and responsive manufacturing setups.8https:/unece.org/circular-economy/news/innovation-transparency-and-tracea

42、bility-must-clothing-industryhttps:/www.fashionrevolution.org/about/transparency/Transparency and traceability could together have been THE words of the year 2023 in the fashion dictionary if there was one.The new-age eco-conscious consumer now wants to know the origins and ethical credentials of th

43、eir clothing.And it doesnt look pretty.Fashion Revolutions Fashion Transparency Index 2023 found that 70 out of 250 brands(28%)still score in the 0-10%range.This demand for transparency is pushing brands,and thus their manufacturers,to expose their supply chains to scrutiny.Ensuring fair wages,safe

44、working conditions,and ethical sourcing of materials is becoming a baseline expectation.Implementing systems for transparency and traceability can be complex and resource intensive.It requires us to track and report on every stage of the manufacturing process,often necessitating investments in new t

45、echnologies and systems.However,this investment is not without its rewards.By increasing transparency,we not only meet consumer and regulatory demands but also build trust and loyalty with both the buyers and the end consumers.In an industry often criticized for its opacity,taking the lead on transp

46、arency can be a powerful differentiator.Copyright WFX 2024.All rights reserved.8.Transparency and TraceabilityThe Conscious Consumer9https:/ transformation in the fashion industry is more than just a trend;its a fundamental shift in how we operate and innovate.For manufacturers,it means embracing a

47、range of new technologies from 3D design and virtual try-on tools to AI-driven manufacturing software and on-demand production.This shift is not just about adopting new tools;its about rethinking our entire approach to fashion manufacturing,from design to delivery.However,the path to digital transfo

48、rmation is not one-size-fits-all.Each companys journey is unique,influenced by its specific challenges,goals,and existing IT landscape.For some,the focus might be on gaining clarity and insights from business data,while for others,it might involve integrating AI into production planning.The key is t

49、o develop a tailored digital transformation strategy that aligns with your business objectives and work with a digitalization partner that understands your industry.Want some help?Book a session with a fashion-tech consultant from WFX.Implementing digital solutions requires investing not only in tec

50、hnology,but also in training and development to ensure our teams can effectively utilize these new tools.But the potential benefits are the fruits of a tree that keeps on giving.Digital technologies can streamline day-to-day operations,reduce wastage,enhance product quality,and enable you to respond

51、 more quickly to market changes.They also provide an opportunity to collaborate more closely with buyers and partners,offering them more transparency and flexibility.Copyright WFX 2024.All rights reserved.9.Digital TransformationBeyond the Buzzword10https:/ just cant talk about the future of any ind

52、ustry in 2024 without talking about Generative Artificial Intelligence(Gen AI).Surrounded by significant buzz in 2023,Gen AI is beginning to see experimental applications by fashion companies like Levis Strauss,Zegna and Kering.McKinsey predicts it could add up to$275 billion into the apparel,fashio

53、n and luxury sectors profits in the next five years.Gen AIs broad applicability across the fashion value chainfrom design and production to marketing and customer engagementmakes it a particularly exciting area of exploration.Companies are looking to scale up use cases where Gen AI has shown clear p

54、erformance benefits.This trend marks a shift towards more intelligent,data-driven approaches in fashion manufacturing and retail,offering opportunities for increased efficiency,creativity,and personalization.As companies begin to scale their use cases,were likely to witness big changes in how fashio

55、n is conceived,created,and consumed.And with the tech itself continuously evolving,Gen AIs potential to transform various aspects of the fashion industry is immense,making it a key area to watch in the coming years.Copyright WFX 2024.All rights reserved.10.Generative AIThe New Frontier in Fashion In

56、novation11Copyright WFX 2024.All rights reserved.KeyTakeaways As we conclude our exploration of the fashion industrys outlook for 2024-25,its evident that this era is marked by profound transformations.The sector is navigating a complex landscape,shaped by technological innovations,environmental con

57、siderations,evolving consumer demands,and shifting Lets distill the essence of this transformation into ten takeaways:Tech Advancements:The adoption of robotics,AI,and digitalization is revolutionizing manufacturing processes,leading to increased efficiency,accuracy,and the ability to meet rapidly c

58、hanging market demands.Sustainability as a Core Strategy:Environmental consciousness has transitioned from a niche concern to a mainstream imperative.Compliance with stringent regulations and consumer expectations is driving the industry towards sustainable practices.Geopolitical and Economic Influe

59、nces:The industry is adapting to a volatile global landscape,marked by shifting trade policies,economic fluctuations,and the need for strategic geographic diversification.Rise of Vertical Integration:Companies are taking control of more stages of the supply chain,leading to enhanced production contr

60、ol,reduced lead times,and a more responsive approach to market changes.Consolidation and Competitive Reshaping:The trend towards consolidation is favoring larger manufacturers and challenging smaller ones,emphasizing the importance of efficiency and scalability.1.2.3.4.5.12Copyright WFX 2024.All rig

61、hts reserved.Workforce Transformation and Reskilling:As automation takes center stage,the role of the human workforce is evolving,necessitating a focus on reskilling and upskilling to synergize with new technologies.Financial Agility and Strategic Management:The ability to manage costs,optimize inve

62、ntory,and respond dynamically to market trends using advanced fnancial tools is becoming crucial for survival and growth.Mass Customization and Personalization:The shift towards personalized fashion is redefning production processes,demanding greater fexibility and a focus on individual consumer pre

63、ferences.Transparency and Traceability:Increasing demand for ethical practices and supply chain transparency is pushing brands to provide more information about the origins and production of their garments.Generative AI as a Game Changer:The exploration and implementation of Generative AI in various

64、 facets of the industry,from design to customer engagement,is opening new avenues for innovation and efciency.6.7.8.9.10.In conclusion,the multifaceted evolution of the garment industry will be defned by adaptability,innovation,and ethical alignment with emerging trends.The industrys future hinges o

65、n its ability to embrace and navigate these transformations with strategic foresight and operational agility.13https:/ is one of the worlds leading providers of modern,100%cloud-based,industry-specifc software solutions for fashion,apparel,textile,home furnishing,and consumer businesses.WFX empowers

66、 fashion businesses of all sizes and business models to digitally transform their operations with easy-to-use software products that can be implemented as standalone apps or integrated to form an end-to-end solution.The company is headquartered in Gurugram,India with ofces in North America,South Asia,Europe,UK,and Australia.About WFXWorld Fashion ExchangeStay up to datewith the latest fashion-tech insights and trendsRead WFX Bloghttps:/ Fashion ExchangeGet a FREEConsultationto digitally transformyour Fashion Business!+91 9899761926+91 124 491

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