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Rapid digitalization during recent years has eroded the economies of scale within the fashion retail industry, paving the way for new fashion companies. Revenue in the global fashion market is projected to reach US$770.90 billion in 2024, with an expected annual growth rate (CAGR 2024–2029) of 8.94%, resulting in a projected market volume of US$1.18 trillion by 2029 .

Rapid digitalization during recent years has eroded the economies of scale within the fashion retail industry, paving the way for new fashion companies. Revenue in the global fashion market is projected to reach US$770.90 billion in 2024, with an expected annual growth rate (CAGR 2024–2029) of 8.94%, resulting in a projected market volume of US$1.18 trillion by 2029 .