For the global fashion industry, many retailers are reacting to the customers’ changing choices and the increasingly volatile market by closing physical locations. A majority of fashion retailers, from luxury to fast fashion, from big brands to startups, gradually recognized that new technology will be the key to win market shares, especially when the millennials are becoming the main consumer group. However, comparing to other industries, fashion has been relatively slow to embrace new technologies.
This section outlines the emerging strategies of fashion retailers and summarizes a list of new retail technologies with leading technology companies. A map integrating strategies and retail technologies has been developed, as a potential opportunity for HK fashion industry for future development.