Will companies go bankrupt if they do not follow the tendencies in the fast fashion industry?
The expression Fast Fashion if a modern expression frequently used in the fashion industry. Fast fashion is based on different fashion trends which are presented on fashion fairs and every year 4 consecutive trends take place – the summer-, autumn-, winter- and spring collections.
All of these are making the industry adapt to the ongoing trends and therefore they change their collections, and clothing is going to waste because it does not fit in the previous trend. The word “waste” is commonly used in the industry of fast fashion.
More than 80 million pieces of clothing are consumed annually – this adds up to a total of 1.2 trillion dollars in revenue going directly to the businesses. However, the 80 million pieces of clothing produced each year is supposed to last and used frequently by consumers, but that is not the case.
On average consumers wear the clothing articles less than 5 times and are only kept for 35 days before being tossed out.
The industry of fashion changed dreadfully in the early 1900s because mass production emerged, and garment factories opened in developing countries and then allowing companies to increase profits by using cheap labour.
This started a new era, what people used to cherish for its quality has now been replaced by disposable items that we replace next month. As the headline states, this essay will conclude on the challenges faced by manufacturers and the importance of corporate social responsibility.