SEOUL, Dec. 28 (Korea Bizwire) — The year 2019 will become a challenging year for the fashion industry as consumers increasingly search for products that can maximize convenience while meeting a variety of individual preferences.
The Samsung Fashion Institute announced ‘Act For Better Life’ as a new key phrase for next year’s fashion market.
From a business perspective, the phrase reflects robust activities to be expected among fashion firms to diversify revenue, including proactive investments in fashion-related content as well as in areas with synergetic opportunities, or conducting M&A to tackle difficult business conditions.
The growing lifestyle market will also go through diversification in order to better meet various preferences.
From a market standpoint, sustainable fashion isn’t just a trend, but a drive to innovate the fundamental structure of the fashion market, the institute argued.
In other words, brands that fail to meet sustainability requirements, as demanded by today’s consumers, will fall behind.
From a consumer’s perspective, the institute emphasized the need to focus on the expectations that today’s consumers hold – achieving three or more points of utility per single purchase.
“The fashion industry should come up with high-value products that can provide a variety of values to consumers, while creating relatable storytelling schemes to meet the needs of consumers from all angles,” said the institute.
From a brand standpoint, innovation will become more important to bring new and lively energy to brands.
Creating sub-brand line-ups, working with new brands and refreshing brand perception are some of the important tasks that the institute advises.
From a styling perspective, the institute focused on various goods and services that make everyday life more flexible and leisurely.
Comfortable and practical daily styling as well as workwear designed to fit individual personalities and an office environment will be the case in point.
“Implementing the key phrase first requires flexible and efficient organization,” said Lim Ji-yeon, director of the Samsung Fashion Institute.
“Quick decision-making, communication networks and logistics infrastructure to address real-time needs of customers, as well as fundamental change in the organizational culture behind staff are crucial.”
H. M. Kang (firstname.lastname@example.org)