According to Forbes, the relentless fast fashion industry has slowed in recent months, believed to be the outcome of major consumer shifts.
There have been warnings of a “retail apocalypse” for major brick-and-mortar retailers as discussed by Business Insider, with Forever 21’s filing for bankruptcy blamed on the growth of e-commerce. H&M also announced the closure of 160 stores earlier this year, after deep discounting to drive out more than $4 billion in unsold inventory.
Increasing awareness on environmental issues and sustainability are also impacting the fast fashion industry adversely. Research by Global Fashion Agenda revealed that more than 50% of consumers would transition to other brands if offered environmentally and socially conscious options.
Rising above these challenges, Missguided and Fashion Nova are the two fashion giants that continue to gain popularity, driven by demands from consumers at the other extreme. These ultra-fast fashion brands are online-centric with only a handful of brick-and-mortar stores, yet manage to offer hundreds of new styles weekly.
In this report, more than 100,000 data points were analysed online from January to September 2019 on Missguided and Fashion Nova, to compare and define their successes within newness.