. Colombia's textile and apparel sector is set to expand by 5% in 2023, driven by surging consumer demand, export growth, and foreign investments. This thriving industry plays a pivotal role in Colombia's economy, employing millions and generating billions in annual revenue.
The fashion supply chain is on the cusp of transformation through the "smart flexibility" project, led by the International Trade Centre (ITC) and the International Apparel Federation (IAF). Leveraging AI and data tools, this initiative empowers fashion suppliers to generate value for brands and manufacturers. A crucial advantage of smart flexibility is its ability to defer production commitments closer to actual demand, leading to reduced inventory costs and enhanced cash flow.
US fashion brands are embracing sustainability for the fall season in response to increased consumer demand for eco-friendly fashion. A McKinsey & Company survey revealed that 66% of US consumers are willing to pay more for sustainable products, driven by concerns about the fashion industry's environmental impact and a desire to support ethical brands.