Big Data, AI, and Fashion: The New Frontiers of Creativity

According to a recent McKinsey Global Fashion Index (MGFI) report, a record 69% of companies in fashion world were value destroyers in 2020, up from 61% in 2019 and 28% in 2011. About 7% of businesses completely withdrew from the market because of financial difficulties or being acquired by peers. The global fashion industry is reclaiming its footing in the world and reinventing itself to meet the new demands of customers, whilst digitisation serves as a growth hub. Despite this, the industry still faces formidable obstacles, including fluctuating customer demands, supply chain interruption, and time-to-market pressure, among other things.  

In 2021, technology accounted for about 1.6 to 1.8% of sales for the fashion industry and this percentage is expected to rise to 3.0 to 3.5% by 2030.

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