Does Fashion Retailing Pays Well?
What is Fashion Retailing
A type of retailing that includes selling clothing, apparel and accessories.
Is fashion retail a good career?
It’s a great career choice if you’re creative but more interested in the business side of fashion, rather than design. Fashion buying is a fast-paced, competitive and challenging area of the industry; but the work is highly satisfying and the rewards are fantastic.
What type of industry is fashion retail?
The fashion industry encompass many different smaller and more niche industries. Often people think of it as just retail/online stores, design houses and brands, and fashion magazines. However, there are other craftspeople and industries in the manufacturing of clothes.
Top Clothing Retail Industry Statistics in 2022
- 36% of firms expect to increase sourcing from Vietnam in the next 24 months.
- 36% say they are considering sourcing from Bangladesh.
- Bangladesh is the fastest growing apparel exporter in the world, reaching a value of more than NGN10.3 billion in 2015.
- China and Hong Kong lead the world in apparel exports in total cash value, with over NGN76.7 billion in total value.
- 91% of retail apparel companies source products from China, making it the primary destination for fashion and clothing.
- The total value of the clothing retail industry was NGN121 billion last year.
- Athletic wear is the top-performing category for the retail apparel industry — markets saw 8.5% growth.
- What is the cheapest country to manufacture clothes? China is no longer the cheapest source of labor. Garment worker wages in Mexico are over 25% lower than garment worker wages in China
- 55% of apparel and footwear sales originated from outside of North America or Europe.
- Asia is the leading exporter of apparel products in the world, with China leading the way with over 36% market shares.
The top clothing retailers in the world are contributing to a very fast-growing clothing retail industry in 2022.
This list below is to assist business professionals, investors, and people in general that are interested in the field figure out the ins and outs of the clothing retail industry.
Ranking the Top 10 Clothing Retailers in the World in 2020 by Sales Revenue
|Rank||Company||Country||Sales Revenue (NGN Trillion)|
|2||Hennes & Mauritz||Sweden||8.9|
|6||PVH (Calvin Klein, Tommy Hilfiger)||USA||3.9|
|9||AMERICAN EAGLE OUTFITTERS||USA||1.6|
|10||Abercrombie & Fitch||USA||1.4|
There is money in Fashion Retailing, for those who might be having the thought of going into this niche of fashion, it is indeed a viable business to do with so much return on investment over time.
Hope this Tips was helpful on “Does Fashion Retailing Pays Well?” for more info Contact Us