The fashion industry has long been a haven of innovation - from the invention of the sewing machine to the emergence of e-commerce. Fashion & Apparel brands of all sizes and specialties are using AI technologies to grasp consumers better, as it is growing at a faster pace than ever before. Growth in this segment is expected to come mainly from fashion wear in women's clothing and kidswear. Continuous expansion of products, lifestyles, omnichannel business models, volatile and erratic trends are just some of the problems faced by the fashion and apparel industry. It is always a hard time to make sure that goods are produced quickly and at a fair price to the consumers, as well as managing numerous vendors, businesses, and customers; however, investing in the right technology will contribute to much-needed business performance.
Mckinsey's 'State of Fashion 2020' study indicates that, following a successful year of economic profit growth, the fashion industry's sales growth outlook for 2020 is 3-4%. Rentals, sportswear are anticipated to sustain the highest growth rate at 6-7%. The success of sportswear giant brands such as Nike, Adidas, and Lululemon will be helped by the growth of a number of smaller niche players and the rise of outdoor and active brands.