According to a report, the average global fashion industry is expected to grow between 3.5 and 4.5 percent in 2018, totaling $ 2.5 trillion. Profit margin of the industry (before tax) is expected to be stable at 10%. Growth was mainly driven by emerging markets such as Asia, Africa, Latin America and Europe.

According to Fashion Status 2018 - reported by Fashion Business and McKinsey & Company - a global management consulting firm, the global fashion industry is on the right track for continued growth in 2018. Emerging markets in Asia (India, Vietnam, China) are likely to achieve revenue growth of 6.5% to 7.5% while European partners such as Romania, Russia Turkey will be a little less in the 5.5% to 6.5% range. In contrast, mature markets in North America and Europe will only grow by one to three percent.

"In 2018, more than half of global fashion sales will come from new markets in Eastern Europe than the older markets in Western Europe and North America," said Imran Amed, Founder and CEO. Fashion Business Magazine (BoF) said so. "This is an important symbolic boom as business leaders continue to prepare for growth, amid rapid change in which new technologies, new consumers and the business environment Macroeconomic uncertainty continues to challenge leaders quickly shifting their strategies and operational models. "

According to the latest analysis from the McKinsey Global Fashion Index, 20% of fashion providers earn a combined 144% increase in industry value. "The best companies grow faster and are more profitable. That is a big contrast to the segment between the huge but essentially unprofitable and the one-fifth segment at the bottom has little effect actually ruining the value. The fashion industry will always be the "winners of all," said Achim Berg, MacKinsey's main partner and luxury fashion expert.

In 2018, the fashion business will be affected by global economic developments including Asia's pioneering role in technological innovation. Berg adds, "Fashion is still slower than other industries when it comes to artificial intelligence. However, the industry acknowledges the importance of artificial intelligence. Twenty percent of the surveyed fashion leaders believe that artificial intelligence will be important in the future as a means of self-renewal in design, merchandising and marketing. "

Source vinatex.com