Faced with intense international competition local fashion retailers are shifting their attention online
The fashion industry, which relies on intangibles and subjective judgement like no other; is running headlong into the data-driven environment of technology and the internet.
On a superficial level the fashion industry has always had something of the ?emperor?s new clothes? about it. But putting aside natural cynicism, the industry has evolved into a social/cultural influencer like no other. It impacts on just about every aspect of modern life; it tells us what to wear, what phone to buy, it informs our values and what to aspire to.
But as with every other industry, the web poses serious questions to established players in the luxury fashion field throughout the value chain. How do brands that have championed their exclusivity, expense and privileged nature, transition to an age where social media has democratised fashion and beauty brand values and e-commerce sites have made the whole world a department store" For the trading companies that have traditionally dominated the fashion and luxury sector in the region, the globalisation of competition brought by the web poses a business challenge like no other.
Simply put; the old rules won?t apply any more.
With luxury sales in China and other parts of Asia only recently showing signs of recovery, international fashion retailers and brands are increasingly eyeing the Middle East as the next big market. A key driver in ...