Despite a dip in margins, low cost and luxury outperformed the wider market in 2020, whereas the midmarket continued to be squeezed. However, efficiency was uneven, as countries with sturdy healthcare systems and financial resilience fared higher than others. Among product categories, it was a breakout yr for sportswear, with 42 {1cee45cb8e4838412993dd2017a9b61c015bb52a0c3f618c447915687ae044ee} of positive economic profit within the MGFI index coming from sportswear corporations, amid robust growth for Chinese players. From a geographic perspective, China was the standout performer over 2021, as its economy recovered much quicker than those of other countries. In 2022, the industry’s growth will likely be pushed by both China and the United States, whereas Europe lags behind and can need the return of international tourism to recuperate totally .

Prior to the mid-19th century, nearly all clothes was handmade for people, either as home manufacturing or on order from dressmakers and tailors. Although the fashion …