Business of Fashion has brought up a highly noteworthy topic: how are some of the emerging fashion businesses that have surfaced in recent years faring in this bleak economic storm? And what about the prospects for those seeking jobs in the fashion industry?
"The short answer to both questions is that things are extremely tough out there, but there is always opportunity for innovators," BoF answers. "Even in the best of times, starting a fashion business is a risky proposition, with failure rates well above 90%. Add in the challenging mix of a tough credit environment, plummeting consumer confidence, rising unemployment and a general cloud of uncertainty, and the prospects for running a fashion business begin to look decidedly gloomy."
But, all is not lost for true innovators who deliver exceptional value. According to BoF‘s sources, companies suffering the most are the ones that don’t have a unique point of view. Also, "design-led businesses offering competitive price points, like Camilla Skovgaard and 3.1 Phillip Lim" continue to do well, and it’s no coincidence that both of these brands produce in China, where the quality-price relationship makes for a good sell. Enter cautiously. Read the full article at businessoffashion.net.