Fashion is a dynamic business. Most apparel brands make at least two to four collections per year. While selling current seasonal collections, brands plan for the next ones at least a year in advance, identifying market trends and materials. The selling window is around three months, and unsold inventories represent financial loss.
Fast fashion companies introduce new lines even more frequently, reducing the amount of time needed to design, produce and market new items.
Tech and fashion
The fashion industry is familiar with experimenting with technological frontiers. Some of the most significant technological breakthrough are laser cutting, computer-aided design and more recently, the use of 3D printing in early 2010.
The fashion industry has experimented with basic AI and other cutting-edge technologies. One example is the Gucci Garden, the label’s collaboration with virtual world platform Roblox in May 2021 to celebrate the brand’s centennial.
Non-fungible tokens (NFTs) are another area of innovation, as seen with the Dolce & Gabbana Genesi Collection in collaboration with UNXD, a digital luxury marketplace. This collection sold for US$6 million, setting a record for NFT sales.
Fashion companies also use blockchains for product authentication, traceability and digital IDs, including those integrated by LVMH/Louis Vuitton, product authentication and traceability.
Additionally, companies have incorporated augmented reality into marketing and retail strategies to create immersive and interactive customer experiences.