Fashion Industry Commerce
In the dynamic and ever-evolving world of fashion, the art of creating stunning designs meets the science of managing a successful business. This intersection is where the field of Fashion Management thrives, and it's a crucial component for any fashion brand looking to make its mark.
Brand awareness is the lifeblood of any fashion business, and generating sales relies heavily on it. The Fashion Management course, offered by many institutions, encompasses an understanding of how to buy and sell, maintain an inventory, and create marketable designs. It also delves into the day-to-day operations of a fashion business to ensure profitability.
One such institution is The Hong Kong Polytechnic University, which offers a Master of Arts in Global Fashion Management. This postgraduate program is designed to train fashion business managers with a balanced mix of academic theory and practical experience. It includes global immersion study pathways for international exposure and practical skills development.
The fashion industry is a multi-billion dollar industry, and the growth is expected to continue. In 2019, the revenue in the Fashion segment is projected to amount to $10,127m and grow at a rate of 20.7% by 2023. This growth is not limited to the global market; India's fashion market, including apparel and fashion accessories, is projected to grow at a 15% CAGR till 2022 and become a $102 billion market for apparel and a $155 billion market for fashion accessories.
Establishing a brand name in this cluttered market requires a mindset that balances creativity with funds, market reach, and profitability. Success stories like Sabyasachi Mukherjee, who manages his business through 16 WhatsApp groups, including design, production, marketing, HR, finance, and legal teams, exemplify this balance. The brand's success is supported by a team that plays an equally important role in keeping the brand commercially relevant.
Fashion managers need to be detail-oriented when using a combination of traditional and new media approaches to promote their brand and communicate with customers. Digital is central to fashion marketing now, with online shopping options and virtual showrooms revolutionizing the consumer's shopping journey. Emphasis is laid on the importance of market research to ascertain consumer behavior, pricing models, projection formulations, and trend forecasting.
The Fashion Business Management course curriculum provides continuous exposure to the industry, encouraging creativity, business acumen, teamwork, and practical experience. It also provides training to explore a product's life cycle from concept to production and its journey into the market place. Detailed insights are provided to differentiate Luxury from Mass fashion, Haute-Couture from Ready-to-Wear, and understand apparel, accessories, and footwear as fashion business units.
The Fashion Management course also explores the concept of management, focusing on both the product and customers. A Fashion Designing course, on the other hand, enables fashion designers to create their own recognizable patterns, designs, and style. However, understanding the business side of fashion is just as important for a designer to ensure their creations reach the market successfully.
Notable figures in the fashion industry, like Tarun Tahiliani, who began his professional career with a degree in Business Management from the Wharton School of Business, University of Pennsylvania, underscore the importance of business management in the fashion industry.
In conclusion, the world of fashion management is a fascinating blend of art and science, creativity and logic, and passion and strategy. It's a field that requires a balanced approach to create a unique identity for a fashion brand and ensure its commercial success. Whether you're a budding fashion designer or a business professional looking to break into the industry, a Fashion Management course can provide you with the vision, management training, and expertise to succeed in this exciting and ever-changing industry.
Read also:
- "Satanic Worship Owns the Spotlight in America: QAnon Spurring Modern Day Satanic Panic"
- Aldi unveils plans for 23 new outlets as part of £1.6 billion extension, check if your locality is included in the rollout on our comprehensive list and map.
- Examples of EUDR Compliance for Manufacturers to Follow
- Weekly updates from the German Parliament (Bundestag)
