Topic: Apparel market worldwide

Where does our fashion come from?

The United States and China generate substantially higher revenues than any other country. It is no surprise then, that the same two countries play a significant role in international trade. In 2022, the U.S. was second only to the EU in the value of apparel imports. China led the rankings for the highest value of apparel exports, a ranking which was dominated by Asian countries. As sustainability becomes more of a concern, retailers in Europe and the U.S. may be faced with more pressure to move production closer to home.

Luxury vs. sportswear

The apparel market is dominated by the biggest companies. Nike is a standout performer, with the highest brand value of any mass apparel brand in 2023, at roughly 75 billion dollars. Moët Hennessy Louis Vuitton (LVMH) is another key player. LVMH had the highest market capitalization of all clothing companies in December 2023, at approximately 400 billion dollars.

One might think that a luxury fashion house and a sportswear company represent contrasting ends of the fashion spectrum. However, the distinction between these two categories has become increasingly blurred, as athleisure becomes more popular. In fact, Louis Vuitton have collaborated with Nike on a pair of sneakers, as Nike looks to benefit from the prestige of LVMH. In return, Louis Vuitton capitalizes on the sportswear company’s popularity.

How fashion executives are preparing for change

As experienced in recent years, supply chain issues and economic factors such as inflation can disrupt the apparel industry. In 2023, executives in the industry were split as to their expected change in the global fashion market conditions. Only around one quarter of experts were positive about the outlook for 2024.

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