TITLE:
Fiscal Aspects of the Fashion Industry: The Big Four Global Capitals and the Nigerian Equivalent
AUTHORS:
Panle Agwom Ruth
KEYWORDS:
Fashion, Fashion Capital, Nigerian Fashion
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.9 No.9,
September
13,
2021
ABSTRACT: Fashion as a process in which individuals, institution or society
interpret underlying social values using available technology to create
specific physical or non-physical forms. Globally, the fashion industry is
estimated at about $1.2 trillion. A fashion capital is such society with lots
of impact on the fashion industry. There are four main global fashion capitals:
New York, Paris, Milan and London. New York has the largest retail sales in the
United States with more than $15 billion annual sales. Paris arguably remains
the fashion capital of the world since it houses the two global largest luxury
and fashion groups, kering and Hennessy Louis Vuitton SE. The fashion industry
in Milan has about 6000 active enterprises catering for about 37,500 employees.
The value chain generated by it accounts for one fifth of the entire Milanese
wealth and fashion-related manufacturing accounted for 15% of the whole
manufacturing in Milan in 2013. The fashion
industry in the UK was worth approximately ￡21 billion in 2012. In
Nigeria however, the fashion industry is still in infancy and without proper market structures. Currently,
the aggregate of productions and retails is worth about N 2 Trillion.
Entrants into the industry are overcoming the lack of structure by creating
their own business formation within the corporate context of the Nigerian trade
scene. Consequently, there was a 29% increase in the contribution of textile,
apparel and footwear production to the GDP in Q1 2014 over Q1 2013. This report
concluded the big four fashion capitals which have had longer historical presence and enjoy stable
structures for their
fashion industries to thrive. The Nigerian fashion industry however is
emerging with huge prospects for growth especially in its luxury subsection. Nigeria needs to pay attention to provision of retail structures
and includes its fashion industry in government policy
legislation for sustained growth
and development in her fashion industry.