One of the most important aspects to consider when launching a fashion brand is how it is going to be funded. The average cost to start a fashion brand is around $20,000, product development alone is $5,000, so without personal wealth, your options are loans or investment. A loan puts you at risk of severe debt if your brand goes belly up. Investment gives up control of your company, and without a wealthy network may not even be a viable option. The best option to avoid these problems and get the funding your brand needs is to start a crowdfunding campaign.
It has become common knowledge that the fashion industry is a major contributor to the world's pollution. This has created a demand for sustainable fashion in the last five years as consumers seek better alternatives for people and planet. However, what it takes to achieve this goal is a higher price. Is sustainable fashion elitist? Let’s take a look at the components that factor into the higher standards that correlate to higher costs.
Nationwide lockdowns have forced fashion brands to go digital to grow sales. According to HRC Retail Advisory, two major global trends have happened during the pandemic: increase in media consumption and a decrease in advertising spending. Facebook has seen a 70% increase in usage on all of its apps as consumers have turned to social media to keep them entertained, connected and informed.
It’s easy to see the many negative effects COVID has had on the fashion industry as retail and factories have shut down leaving millions unemployed. However fashion, a notoriously slow and labor intensive industry, is now being forced to go digital fast to overcome travel bans and increase speed to market. This shift could change the face of the production process, making it easier for teams to work together, regardless of distance. Here’s how you can communicate with your factory online and keep your production running right from your couch.