The fashion industry finds itself at a crossroads, and a significant transformation might be essential for its survival. In a compelling podcast, BoF founder Imran Amed joins Bob Safian to assess the urgent need for change within the fashion sector.

The conversation highlights that a relentless emphasis on business growth is suffocating creativity. As Amed describes, the demands of publicly traded fashion giants force designers into rigid frameworks. “Every quarter you have to show growth, and it really puts a drain on creativity,” he states. This corporate pressure leads to a homogenized market where innovation becomes rare.

Independent designers are particularly vulnerable in this landscape dominated by mega brands. Amed notes how these smaller entities struggle to compete. “The big brands in this industry have become so dominant that it’s really hard for younger independent designers,” he observes, expressing concern over the industry’s early-stage health.

Furthermore, the rise of ultra-fast fashion brands like Shein and Temu exacerbates the problem, flooding the market with cheaply produced, low-quality items. This exacerbates the crisis of creativity and dilutes the market value of fashion.

However, there is hope that technological advancements, especially in artificial intelligence, could be the industry’s saving grace. Amed mentions that AI tools are starting to be integrated into the creative and business processes. “Some designers are already using these tools,” he shares, suggesting that AI could open new avenues for creativity and efficiency.

For the fashion industry to thrive once again, it must find a balance between growth and creativity, granting independent designers a fair chance to flourish and leveraging technology to foster innovation. This could be the makeover the fashion world desperately needs.

Listen to the full discussion on The BoF Podcast to explore these insights further.