Why the Fashion Industry Needs a Makeover

In a special episode, BoF founder and editor-in-chief Imran Amed joins Bob Safian on the Rapid Response podcast, part of the respected Masters of Scale series.“The most interesting thing you can do, if you look at historical photos going back 50 or 100 years, is to look at what people are wearing. It gives you a sense of what's happening in the world at that time,” said Amed. “When we look back to 2024, and see the Hoka sneakers, the athleisure, and the streetwear looks that people are wearing, these are a reflection of what's happening in the world right now. That's what makes fashion so powerful.”In their conversation, Amed and Safian discuss the rapid growth of the global fashion business, the dominance of the megabrands and the resulting crisis of creativity and challenges faced by independent fashion brands, as well as the impact of ultra fast fashion brands like Shein and Temu.  Key Insights: According to Amed, the fashion industry's focus on business growth is stifling creativity,  leading to a homogenised market, where innovation is increasingly scarce. "Creatives are being put into boxes and forced to work in ways that are all about meeting the demands of these large, now publicly traded companies that are analysed by all the same investment banks and analysts as Procter & Gamble and Apple. When you're in these big public companies, every quarter you have to show growth, and it really puts a drain on creativity."Independent designers are facing significant hurdles in a market dominated by mega brands. "The big brands in this industry have become so big, so dominant that it makes it really hard for younger independent designers,” Amed explains. “Lately, I've just had this feeling that the early stage part of our industry is not very healthy. There's been a lot of things happening in the industry that have just made it really, really hard."Amed believes artificial intelligence is poised to revolutionise the fashion industry. "It's going to be really interesting to see how leaders on both the creative and the business side of fashion begin to integrate AI tools and processes into the way they run the business but also the way they run the creative process. Some of the designers I'm talking to are already using some of these tools."Additional Resources: The Fashion System Is Creaking. Will It Collapse? | BoFThe BoF Podcast | Imran Amed: ‘It Is in Our Struggles That We Find Our Purpose’  Hosted on Acast. See acast.com/privacy for more information.