The fashion industry drives significant economic value globally. According to the Statista market forecast, the revenue in this industry is expected to show an annual growth rate (CAGR 2020-2024) of 14.1%, resulting in a projected market volume of $22,291m by 2024. Apart from being an influential business sector, new and innovative approaches to fashion business and fashion management aim to tackle complex global and local issues.
Young aspirants seeking to join this fast-growing fashion industry not only have fashion designing as a career option, but many other functions that concentrate on the business and management of this industry. Fashion Business Management equips students with a broad set of skills such as:
Multi-tasking : Broadening of skillsets
Agility: Quick response to challenges and current developments in business and society to make informed managerial decisions that consider ethical, economic, social and cultural implications and enable one to work on real-life challenges, solve problems, prioritise resources using analytical, cost-effective approach.
Communication : Analysis of cases to diplomatically respond to conflicts and present innovative ideas to interested parties.
Employability : Transferable skills and strong business knowledge that could be used for consultancy, marketing and advertising, human resources, retail and sales, and finance.
Multidisciplinary: Skills acquired can be applied in different roles across the fashion supply chain, contributing to the success of a business, ranging from human resource management, entrepreneurship, finance, service operations, consultancy, supply chain management to global business.
Different roles
Fashion Merchandiser : Analyses market trends, strategic production planning and manages purchase negotiations.
Fashion Buyer: Travels to production facilities, trade fairs and fashion shows worldwide to see what a company will showcase based on emerging seasonal trends.
Sourcing Agent: Assesses the comapany’s needs, locates suppliers, and meets them to see if they will be able to take on the orders.
Sales and Distribution Manager: Processes orders and reorders, updates stock levels, deals with queries, logistical problems, and manages distribution and visits retail stores to get updates on customer feedback.
Fashion Product Managers: Has a thorough understanding of the market and is therefore able to analyse the consumer requirement of the product at appropriate pricing.
Fashion Brand Manager: Devises strategies to improve the brand value.
Retail Merchandisers: is the link between buyers and the sales floor, ensures that the right stock is in the right place at the right time to maximise sales and margin performance. Decides which products, sizes, colours, quantity should be in the store.
Visual Merchandiser: Promotes the image, products and services of retail businesses and other organisations. Create seye-catching product displays, store layouts and designs to attract customers and encourage them to buy.
Fashion Market Manager: Increases the market share of the product through marketing strategies that draw the customers.
PR and Event Manager: Works to generate positive publicity and client brand recognition; engages in networking initiatives with celebrities, models and other public figures who can elevate a brand.
The rapid expansion of e-commerce has had an impact on fashion industry as well. Therefore there are roles within the industry that encompass the digital space. Some of these are:
Fashion Digital Marketer: Increases sales, improves brand presence and makes the brand more profitable.
Fashion Social Media Manager: Creates brand awareness, drives traffic, and fosters engagement with online communities, develops social media strategies that drive user engagement and help to build the community.
Fashion Blogger: A writer who loves fashion and offers insights into this exciting world. From print magazines to online blogs, one can also write for e-commerce websites, PR firms and trade publications.
Content writer: Typically works through a publication to cover various stories like interviews with designers and models, and cover new trends in fashion.
Fashion Entrepreneur: Sets up own business venture, using online or offline platforms.
The writer is Course Leader- Fashion Business Management at IIAD
Published - December 29, 2020 12:48 pm IST
