The fashion industry is among the top 20 largest industries in the world. With an annual growth of 5.5%, it now has a global revenue of $2.4 trillion.
Revenue from the South African market in 2019 amounts to $641 million with an expected annual growth rate of 15.1% which will result in $1, 123 million in 2023. China still leads as the country with the largest revenue generated in 2019 at $281,979 million.
The clothing market had reached $278.2 billion in 2018 and is predicted to increase to $325.8 billion by 2022. Since this industry is a global necessity, it continues to expand, along with the population.
The fashion industry’s constant expansion and demand are creating more opportunities for new companies to enter the market especially since the world is gearing more towards environmental sustainability.