Let’s start with giving you statistics.
There are 7 billion population in the world and everyone is wearing clothes. And if you were to give each one a complete set of clothing in a day such as a pair of pants, underwear, and shirt, you would need to sew three to four items for just one person. Add it all up, there has to be 21 to 28 billion items of clothing to clothe everyone. Shoes, slippers, jackets, sweats, gowns, suits, and hats are still not included in these numbers. And how many clothes do we own again?
Thinking of how much the fashion industry makes will only overwhelm you especially now with the fast changing society.
People are ready to spend money for clothes
In this modern age, people are becoming vainer. We looking at our faces; thus, selfies are now a trend. When your business is centered on making people feel and look good, consumers are ready to spend on your product no matter the price tag. Especially on clothes that can easily flatter a person’s ego. And once the ego is boosted, there’s no question whether the customer will buy your product or not. I mean, people wouldn’t care spending $2,000 over a gown just to feel the touch of Versace on their body.
How much does luxury brands make?
There are only few expensive brands in the world but they make humongous amount of money per year. Here’s a list of what these premium names’ value and how much they make.
- Louis Vuitton is worth over $28 billion in 2014.
- Prada’s company value is at $9.4 billion.
- Chanel is worth $7 billion.
- Gucci is at $4.2 billion.
- Christian Dior is making $24 billion yearly.
- Giorgio Armani pulls over $1.8 billion annually.
- Burberry has a net income of $323 million and has sold a coat for a whopping $35,000.
- Ralph Lauren has made $776 million in 2014.
- Hermes declared $730 million net income in 2011.
- Fendi brings in $1 billion in the company yearly.
Now let’s move over how much the editorial and e-commerce are doing in their numbers.
Sales, prints, and runway shows are equipped with staff in order to keep the company running. Let’s see how much some of the people behind the fashion industry are doing.
- Fashion Director—$120,000
- Magazine Editor—$51,000
- Senior Market Editor—$67,000
- Editor in Chief—$242,000
- Photo Director—$162,000
- Graphic Designer—$63,750
- Chief Marketing Officer—$205,000
- Marketing Director—$120,000
And finally, for each industry that makes up the fashion industry
There are different smaller industries that comprises the fashion world such as children’s wear, men’s wear, women’s wear, bridal wear, and the textile industry. Just in 2014, children’s clothing has reached over $186 billion, men’s wear $403 billion, and women’s wear $621 billion. And in the textile industry, the numbers went beyond $5 billion just five years ago.
In the fashion industry, we’re talking not only about hundreds, thousands and millions. We are talking about billions and trillions here. So if you are looking for a lucrative business venture, I hope these numbers would inspire you to enter the fashion world.
And oh! Just in 2010, this industry has made $2,560 trillion. Yes, it has reached 13 figures.