Paris has announced its plans to become the sustainable capital of fashion by the year 2024. Society has been changing, and with it, fashion too. In recent years, the fashion industry has changed tremendously, driven by trends of instant gratification. While in the past consumers were interested in labels and quality, now it is more likely that the price of such items will be off putting to consumers. This has driven a desire for fashionable items to be available quickly.
The Asia Pacific artificial intelligence in fashion market accounted for US$ 55. 1 Mn in 2018 and is expected to grow at a CAGR of 39. 0% over the forecast period 2019-2027, to account for US$ 1015. GNW Real-time consumer behavior insights and increased operational efficiency are driving the adoption of artificial intelligence in fashion industry. Moreover, the availability of a large amount of data originating from different data sources is one of the key factors driving the growth of AI technology across the fashion industry. Artificial Intelligence has already disrupted several industries, including the retail and fashion industry. The fashion industry so far has been one of the primary adopters of the technology.
A new partnership between computing giant IBM and The Fashion Institute of Technology (FIT) in New York is aiming to embed AI into the full spectrum of the fashion industry. The partnership will see a suite of artificial intelligence (AI) tools covering deep learning, natural language processing and computer vision applied to the fashion industry, across design and development, merchandising, supply chain and retail. It will see the FIT/Infor Design and Technology Lab (DTech Lab) build on a previous partnership with the technology heavyweight, which saw the DTech Lab work with IBM and leading fashion brand Tommy Hilfiger. The project, Reimagine Retail, focused on using AI to increase the brand's competitive position through optimisations in product design, supply chain and market insights. "Reimagine Retail was a powerful example of what happens when fashion partners with a global tech leader to advance challenging innovations," said Michael Ferraro, director of the FIT/Infor DTech Lab.
In recent times, the idea of a "circular economy" has arisen, and this concept has spread far and wide across Europe as well as North America and Asia. The circular economy has been defined by the Ellen MacArthur Foundation as referring to: "An industrial economy that is restorative by intention; aims to rely on renewable energy, minimise, tracks and eliminates the use of toxic chemicals; and eradicates waste through careful design". Fashion is starting to catch onto the idea of the circular economy. This process began around five years ago, in 2014. Of note, fashion giant H&M was one of the first to start discussing this concept, using it officially for the first time in the summer of that year.