The business of fashion is a global powerhouse where culture and commerce collide.
Fashion isn’t only about what we wear. It is one of the world’s most dynamic, profitable, and culturally influential industries. Behind every runway show and online trend is an industry that employs millions, fuels economies, and shapes culture. The business of fashion today is a trillion-dollar enterprise worth about US $1.84 trillion, contributing nearly 1.6% of the global GDP. It is where creativity meets commerce, and where art becomes an economic engine.
The global stage: where style meets scale
Brands
At the heart of the global fashion economy are luxury brands such as Louis Vuitton, Dior, Zara, Fendi, H&M, and SHEIN. These are companies that have redefined what it means to sell style. They dominate the market, producing billions of garments each year and reaching consumers faster than ever. SHEIN alone earns tens of billions annually, while Zara’s parent company, Inditex, continues to post record-breaking profits.
People
Fashion is powered not only by brands but by the people who make the industry work. Behind every garment are creative directors, photographers, stylists, and production teams who turn creative vision into tangible products. These professionals work tirelessly in studios, ateliers, factories, and offices to bring concepts to life.
At the same time, many of these individuals become public icons themselves, gaining global recognition and social influence. Legends like Karl Lagerfeld, Virgil Abloh, and Raf Simons turned their creative visions into cultural phenomena, shaping not only the fashion industry but also popular culture. Designers such as Donatella Versace, Alessandro Michele, and Telfar Clemens similarly command followings that extend far beyond the runway. Their work demonstrates that fashion is as much about personality, vision, and social capital as it is about clothing.
At the same time, the industry thrives on its public faces. Models, influencers, and celebrities are the storytellers who give brands visibility. Iconic by like Naomi Campbell and Kate Moss have become global cultural symbols, while contemporary creatives such as Petra Collins and photography duos like Mert Alas and Marcus Piggott shape the modern aesthetic of campaigns, editorials, and social media. Influencers also amplify this reach further, turning a single outfit or shoot into a viral moment and linking fashion to identity, lifestyle, and culture. African artists like Yagazie Emezi, Willy Verse, Dafe Oboro and Stephen Tayo are also renowned for their contributions to image-making and inspiring the aesthetic used to envision African fashion.
Together, these behind-the-scenes creators and public figures form a network that fuels the global fashion ecosystem. They demonstrate that the business of fashion is not just about garments but about talent, storytelling, and influence.
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Marketing and advertising
Few industries understand the power of image like fashion does. Every billboard, runway show, and Instagram post is part of a calculated narrative. Brands like Calvin Klein, Victoria’s Secret, and Versace spend hundreds of millions annually on advertising campaigns designed to sell clothes as an aspiration, identity, and lifestyle. Digital platforms have further amplified this, turning social media campaigns into cultural moments and creating a direct link between creativity, commerce, and consumer engagement.
Retail and real estate
Retail spaces and real estate are physical manifestations of fashion’s power. Flagship stores in Paris, New York, and Tokyo are seen as brand monuments. Yet rapid expansion comes with risk.
Chains like Forever 21 and American Apparel pursued rapid expansion, opening hundreds of stores — but both ultimately collapsed as consumers migrated online. Today, brands are reimagining retail as an experience, blending e-commerce with immersive in-store concepts that engage consumers rather than just selling them clothes.
The hidden cost: sustainability and production
For all its glamour, the business of fashion carries significant environmental costs. The industry consumes billions of cubic metres of water each year and contributes roughly 10% of global carbon emissions. Producing a single cotton T-shirt can require thousands of litres of water, while textile dyeing is among the largest sources of industrial water pollution.
Moreover, mountains of discarded clothing either accumulate in landfills or companies export them to developing nations, where they frequently overwhelm local economies and ecosystems. eBeaches in Ghana, for example, are littered with used garments, a stark reminder of the industry’s footprint.
In response, many brands and designers are shifting toward sustainable fashion, using recycled fabrics, ethical sourcing, circular production models, and low-impact dyes. These practices reflect how the business of fashion is evolving in response to environmental, social, and consumer pressures.
Read also: Experts warn of serious health risks linked to fast fashion brands like Shein and Temu
Nigeria’s fashion ecosystem: creativity, challenges, and growth
The business of fashion in Nigeria is a vibrant, multi-layered ecosystem where culture, creativity, and commerce intersect. With a combination of production hubs, local designers, tailors, stylists, and entrepreneurs are shaping a fashion industry with both domestic and global relevance.
Fabrics and production
Nigeria’s fashion production is experiencing a dynamic transformation, blending rich heritage with contemporary innovation. Indigenous textiles like Adire, Akwete, and locally produced leather goods showcase the country’s deep-rooted craftsmanship. Despite the fact that nearly 90% of Ankara fabrics are imported, resulting in an estimated $3 billion annual loss in local value, Nigeria’s production hubs are rapidly evolving, positioning the country as a formidable player in the global fashion arena.
Aba, located in Abia State, Nigeria, is renowned for its bustling garment industry. The city’s markets, such as Ariaria International Market, are teeming with tailors and artisans producing a vast array of clothing items. Aba is not just a local tailoring hub but a potential manufacturing powerhouse. By combining skilled labour with advanced production techniques, these enterprises challenge the notion that quality fashion must be imported.
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In the northern region, Kano stands as Africa’s largest leather producer. The city’s traditional tanneries produce premium-quality leather goods that have attracted global attention. Nigerian leather from Kano now finds its way into the collections of international fashion houses such as Louis Vuitton, Gucci, and Prada, proving that local craftsmanship can compete with global standards. Nigerian designers and brands are increasingly using Nigerian leather to create luxury items, aiming to retain more value within the country.
Designers and brands
Nigeria is home to designers who merge traditional aesthetics with modern style. Creatives such as Lisa Folawiyo, Orange Culture, and Kenneth Ize have gained global recognition, showcasing collections at international fashion weeks and boutiques. Lagos Fashion Week, founded by Omoyemi Akerele, serves as a platform to elevate local talent onto the world stage, fostering pride and international visibility.
Retail and markets
The retail landscape ranges from small tailoring shops to high-end boutiques. Digital platforms are allowing designers to reach consumers directly, bypassing some traditional barriers.
Influencers, models, and media
Stylists, photographers, models, and social media influencers amplify brands and designers, shaping trends and connecting fashion to culture. Magazines, blogs, and online platforms ensure Nigerian fashion stories reach both local audiences and international markets, transforming domestic creativity into global cultural conversations.
The future of fashion
The next decade promises transformation. Digital innovation is reshaping the way fashion is designed, produced, and consumed. AI-driven design, virtual fitting rooms, and online fashion shows are becoming the norm. E-commerce continues to grow rapidly, while consumers increasingly demand sustainability and ethical practices.
The business of fashion will continue to shape economies, communities, and culture. It drives innovation, supports livelihoods, and reflects society’s values, aspirations, and contradictions. Yet it also demands critical reflection on sustainability, ethics, and local development. Fashion, at its best, is a reflection of humanity and culture. As the industry evolves, the business of fashion will continue to weave together creativity, commerce, and conscience, shaping how we dress, live, and express ourselves worldwide.
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