Academic year 2018/2019 L3, IEM 1 Research Report : Innovation and Fashion Industry JIN Wei, Li Yuan, Qian Aishi Introduction 1. Background The fashion industry is an important sector in promoting world economic, cultural, technological and social development. It consists of four levels: the production of raw materials (ex. fibers, textiles, leather and fur) ; the creation of fashion goods by designers, manufacturers, contractors ; retail sales; and various forms of advertising and promotion. It is reported that the total amount of clothing sold worldwide in 2017 has reached twice that of 2003. This not only reflects the growth of consumer purchasing power in emerging economies, but also reflects the rise of the fashion industry. 2. Trend of Innovation Ø Concept Due to fierce competition in the industry, innovation is urgently needed, more and more fashion companies are promoting flexibility, collaboration and openness. Traditional companies begin to accept new types of talent, new ways of working, new partnerships and new investment models. Ø Sustainability Garment manufacturing typically consumes large amounts of water and chemicals and emits a significant amount of greenhouse gases. Apparel manufacturers compress the production cycle and keep up with the latest designs, so that shoppers expand their wardrobes and frequently change them. Those clothes become almost disposables, people wear them only 7-8 times. People no longer pursue the durability of clothing, the life of clothing has greatly shortened.