POST GRADUATE PROSPECTUS PEARL ACADEMY OF FASHION

Business of Fashion
4
GLOBAL DIMENSIONS
The fashion industry is estimated to account for a worldwide
consumption of the value USD 1,200 billion (Mark Tungate, Fashion
Brands), comprising 66 percent clothing and the rest consisting of
footwear, jewellery, accessories and cosmetics. Developed country
markets like USA, EU, Japan, Canada, Australia, Northern Europe,
Switzerland, New Zealand together make up nearly 80 percent of
this consumption. However, the spotlight is now shifting to
consumption in rest of the countries, where prosperity is on the rise
and is leading to superior growth rates in fashion consumption
compared with that in the established markets.
Owing to the nature of fashion markets, the industry is highly branddriven
as well as acutely segmented. Further, it is extremely
competitive now, with clothing being freely traded. Besides, a major
proportion of goods have a short shelf-life. This has compelled that
the consumption of the developed country markets is necessarily
met by manufacture in and supply from developing countries.
Besides, retailing is a very significant dimension of reaching the
consumer. The functions of merchandising, operations, marketing
and retailing, hence, constitute the frontend parts of a business which
transform the creative output of designers into wares that are
coveted by consumers in all parts of the world.
No matter where the goods are manufactured or retailed, the
industry is highly human-resources intensive and, therefore, relies on
strong management systems and practices, information-technology
driven operations, branding, marketing and communications,
strategic planning, human resources management and, further,
logistical management.