The Future of Retail, Market on the Rise as Demand for Trendy, Affordable, and On-Demand Apparel Explodes

Rationalstat LLC

Rationalstat LLC

The global fast fashion market is expected to reach US$ 183.8 billion by 2030, with an annual growth rate of more than 9.8%, according to RationalStat

Wilmington, Nov. 21, 2023 (GLOBE NEWSWIRE) — According to RationalStat‘s most recent report, the Global Fast Fashion Market value is estimated at US$ 95.5 billion in 2023 and is expected to rise at a strong CAGR over 9.8% over the forecast period of 2023-2030.

Market Definition, Market Scope, and Report Overview

Fast fashion refers to the rapid and low-cost creation of apparel in response to current fashion trends. This business strategy emphasizes efficiency and rapid inventory turnover in orders to bring new trends to market as rapidly as possible. Fast fashion firms are well-known for their ability to make affordable and contemporary apparel, frequently duplicating designs from high-end fashion houses and making them available to a wide client base.

Fast fashion brands are skilled at detecting and responding to developing fashion trends. They have cut the typical fashion cycle in half, allowing them to bring new ideas to market in weeks rather than months or seasons. This sensitivity to consumer tastes fuels worldwide demands.

According to a deep-dive market assessment by

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Mike Ashley’s Frasers Group says Matches to enter administration

Alice Price, apparel analyst at data analytics firm Globaldata added that selling luxury goods online was particularly tough, since shoppers prefer to see and try on expensive products.

“Supplier relations had also begun to sour under Frasers’ ownership, with the fashion giant reportedly seeking sizeable discounts, while some brands reportedly overdue payments, resorting to termination of contracts,” she said.

“It is not yet certain if Frasers Group will dissolve Matches completely or is using the administration to restructure the business and reduce its operational costs.”

In a statement Frasers Group said the business had “consistently missed its business plan targets” and was causing “material losses”.

“The continued funding requirements would be far in excess of amounts that the Group considers to be viable,” it said.

However, Frasers said it remains committed to the luxury market.

Two years ago Mr Ashley, who founded Sports Direct and established its reputation with cut-price deals on sports goods, handed the reins to his son-in-law, Michael Murray.

Mr Murray has taken a different tack targeting “new, luxury, aspirational” customers, and bought 60 Flannels stores, which sell designer clothes.

The Group now includes Jack Wills, Sofa.com, Game, Evans Cycles, Gieves and Hawkes, and House of Fraser.

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