What is the future for fast fashion?

The future for fast fashion, Topshop collapsed in the US after a decade of entering this fertile market, other fashion empires such as Forever 21, Gap, Old Navy, Banana Republic faced misery around the world. The business situation of J.Jill, Canada Goose, Abercrombie & Fitch are also gloomy, revealing an unprecedented dark picture for the fast fashion industry, since the 1960s.

Exploding since 1960, fast fashion attracts a lot of shoppers, because of diverse designs, trendy and continuous rotation, the price is not high. However, it was not until 1989, when Zara entered the United States, that the fast fashion empire began to be formed with a series of brands expanding to the world.

The situation gradually changed as the last 5 years, the fast fashion industry in the United States and Europe faced unprecedented challenges. According to CNBC, in the first half of 2019 alone, the United State retailers have closed 5,994 stores. Research firm Retail Metrics estimates that the United States retail fashion sales will fall 24% in the first quarter of 2019. Earlier, in 2017, Topshop withdrew from Australia, New Zealand and Spain. A year later, the brand also announced its closure and e-commerce in China. In its home country of England, in 2019, Topshop is expected to close 23 stores. This is considered to start the era of fast fashion empires when Forever 21, H&M, Banana Republic … also fall into the same situation.

What does the future for fast fashion?

In that “storm”, only Zara remained. With traditional stores, Zara regularly changes the layout, creates a new experience for customers and promotes online sales with beautiful online photos and constantly exchanging news about the product, causing visitors to visit the website often. Zara also provides discounts with the launch of new products, produced in moderate quantities to create a sense of scarcity.

But online shopping is a cause of “death” of many fast fashion stores. Consumers, especially young people, tend to rate and choose a product on the Internet, causing sales at fast fashion stores to plummet.

According to data from the United States Department of Commerce Survey, online retail sales of fashion products in the first quarter of 2019 reached US $ 137.7 billion, up 12.4% over the same period in 2018. Mistakes began to be pointed out: the fast fashion giants were engrossed in success and ignored the power of online shopping. Instead of focusing on e-commerce, companies are racing to expand the area and number of stores in shopping centers while renting premises is increasingly expensive. In New York (USA), rental costs have increased by 89% since 2008, while retail sales have increased only 32%. A similar trend was observed in London (UK) and Dubai (UAE).

Another important reason is that sustainable fashion trends contribute to fast fashion sales. Textile in general and fashion in particular are one of the most polluting industries in the world, producing 1.2 billion tons of CO2 on average, more than aircraft and ships. The washing of cloth alone has discharged 500,000 tons of micro-particles each year, equivalent to 50 billion plastic bottles, still floating in the sea. Awareness of protecting the living environment motivates consumers to change shopping trends. Buy less often, live a minimal life, and often choose products with eco-friendly materials like bloom foam, orange fiber, natural colored textile products.

Sustainable fashion becomes an essential trend that requires not only the responsibility of the consumer, but also the responsibility of the manufacturer. H&M is a leading brand in the sustainability trend by actively collecting clothing from many brands to recycle, and launching environmentally friendly fashion collections.

the future for fast fashion In Vietnam, fast fashion brands like Zara, H&M still have increased sales. Many fashion experts analyze that fast fashion brands will “live well” in Vietnam for at least another three or three years. The reason given is that Vietnamese people like to use foreign goods, the more life is improved, the more Vietnamese people prefer fashion.

Fashion experts also believe that Vietnamese fast fashion brands such as Magonn, Libé, Eva de Eva, Hnoss will “strongly rise” (with increasing number of stores, optimizing online ordering services). Nice designs, affordable prices, fashion cycles to catch up with the trend, suitable for Vietnamese people, fast and convenient delivery service are advantages that fast fashion brands can conquer consumers.

A part of Vietnamese people has been paying much attention to fashion with the trend of green living, minimalism and shopping restrictions. However, this number is not much. Therefore, the fast fashion market in Vietnam is still vibrant.