Getting Ready for PLM: How Fashion Brands and Retailers Can Convert Challenges to Opportunity With Efficient Use of Technology

Successful fashion brands and retailers are identifying and addressing many key issues, such as globalization, supply chain efficiencies, tax planning and risk management, and are making tough choices about growth, innovation and investments in technology. Mergers and acquisitions are picking up as many companies see business combinations as the most efficient route for revenue diversification, geographical expansion, product line extensions, and more clout in business relationships and shipping arrangements. Several companies are pursuing opportunities for cutting-edge innovation as a means to boost profit margins and competitiveness, including restructuring product lines to fit a wide range of consumer budgets under a single brand, outsourcing materials and processes to low-cost markets, and introducing fast turnaround techniques for quicker inventory turnover.