Analysis of Fashion Industry Business Environment

R B Chavan*

Received: August 01, 2018;   Published: August 09, 2018

DOI: 10.32474/LTTFD.2018.02.000144

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Abstract

The notion of global fashion industry is a product of the modern age as clothing is often designed in one country, manufactured in another, and sold worldwide. The global fashion industry is dependent on ever-changing trends that keep consumers, driven by the need to wear the latest. The paper highlights the fast fashion and slow fashion models prevailing in the fashion industry. Among the two models the fast fashion model is well established, however the slow fashion model is gaining importance as it discourages undesirable excessive use of clothing resulting in the waste recycling problems and threat to environment. The paper also peeps through the internal, micro and macro factors influencing the business environment of fashion industry and ways and means to overcome these factors to meet the ultimate goal to establish successful relationship with customers with reasonable profit. The macro factors are often referred as PESTEL (political, economic, technology, environment and legal) factors. It has been pointed out that among these PESTEL factors, presently the environmental factors and social factors of business ethics are posing a serious threat to the sustainability of fast fashion model of the fashion industry.

Keywords: Fashion industry; Business environment; Internal, micro and macro; PESTEL; Fast fashion; Slow fashion

Abstract| Introdution| Overview of fast fashion and slow fashion models| Conclusion| References|