porter’s five forces analysis is an approach to determining just how competitive a given market is, and consequently, how profitable it may be for a business. this article will attempt to analyze the viability of the fashion retail industry as a whole, by means of a five forces analysis. in the case of the fashion industry, buyer power is a relatively large force. in the fashion retail industry, supplier power is a relatively small and insignificant force. suppliers have little control over the fashion industry as, unfortunately, they are dispensable and can always be swapped out. the fashion industry is an interesting one when it comes to analyzing through the intensity of competitive rivalry.
nowadays there is little innovation in this space, so the market is quickly becoming saturated with very similar products. in this sense, the fashion industry is a very difficult one to get into, and is almost becoming a ‘race to the bottom’ — not good news for retailers! the fashion industry in its current state is ‘high risk, high reward’ for new entrants — it’s not too difficult to get a foot in the door and copy others, but will the markets care for those products? fortunately for those in the fashion retail industry, there is little to substitute clothes with. to sum up, the fashion industry seems difficult to successfully dive into, and bleak for companies already within this space. plenty of choices — and lots of competitors make it hard to sustain a place in the market.
the market has grown densely populated with fashion brands and still new brands can enter the market with new concepts. power is in the hands of the customers in this era and therefore the focus of the brands is also on crafting a better consumer experience. this is a five forces analysis of the fashion retail industry based on the porter’s five forces model. fashion brands compete to attract and retain customers and that’s the reason behind the high spending on marketing. so, overall the buying power of the customers is a significant force in the fashion retail industry. brands are in a race to serve and influence the customers in the best possible manner. suppliers are not a significant force in the fashion retail industry. brands have the purchasing power and can easily switch from one supplier to another.
threat of new entrants is a weak force in the fashion industry. the increasing popularity of fast fashion is a proof of this fact. so, the threat of new entrants is not a significant force in the fashion retail industry. from the high end to the low end segment, brands have populated the fashion landscape. the fashion retain industry is remarkable for the intense level of competitive rivalry in it. there are a large number of brands with similar product offerings. brands that have a strong brand image are able to charge higher prices. overall, the competitive rivalry is a strong force in this industry. in english literature from brabu and an mba from the asia-pacific institute of management, new delhi.
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