Published on 3 Apr 2024 on Insider Monkey via Yahoo Finance
40 Best Fashion Schools in the World for 2024
In this article, we take a look at the 40 best fashion schools in the world for 2024. If you want to skip our detailed analysis of the fashion industry, you can directly go to the 10 Best Fashion Schools in the World for 2024.
The Fashion Industry - An Overview
According to a 2024 report by The Business Research Company, the global apparel market was worth $655.7 billion in 2023. From there, it is expected to grow to $918.71 billion in 2028, showcasing a compound annual growth rate (CAGR) of 6.9%. The 2024 State of Fashion Report by McKinsey & Company shows that in both 2021 and 2022, the luxury sector outperformed other industry segments. In 2022, luxury fashion apparel companies contributed 36% economic profit growth within the sector. According to the company’s forecasts, the global fashion industry is expected to show a growth of 2%-4% in 2024, a major chunk of which is likely to be from the luxury segment, which is expected to grow by 3%-5%. However, experts also expressed that declining consumer savings might lead to decreased spending as customers pull back their money after going through a surge of post-pandemic shopping.