Interested in what the future of the fashion industry may look like, experts at JOOR, the world’s largest wholesale platform and data exchange for fashion, luxury, and home categories, delved into the data and utilized AI image generation to visualize key predictions. They asked Chat GPT to forecast future fashion based on how fashion has changed through time, and combined this with search data and projected industry growth data to gain insights on key trends.
“Innovations occur regularly in the fashion industry, whether that’s relating to trends or processes, but the current rate of advancing technology has the potential to create a dramatic shift once fully developed and integrated. Ultimately, this will improve processes from an industry standpoint, whilst also benefiting the consumer,” a spokesperson at JOOR commented.
Nike Inc. revenues increased 2% to $12.9 billion in Q1 2024 compared to the prior year, driven by higher revenues in Europe, Middle East and Africa (EMEA) and Greater China that contributed 2 and 1 percentage points to the retailer, respectively.
Since launching new product innovations in Running, Nike’s CEO, John Donahoe, expressed the need to drive more meaningful consumer connections among everyday runners and in turn scale those innovations more effectively across the marketplace. With its best-in-class marketplace, Nike executives are seeking to leverage its unrivaled scale and reach to deliver more compelling assortments with a focus on serving its women consumers.
Apple Inc., on the other hand, reported a 4% decrease last quarter in its Products revenue to $60.6 billion, citing headwinds and an uneven macroeconomic environment as a key contributor to the slight revenue losses. On the contrary, Wearables, Home, and Accessories revenue was $8.3 billion, up 2% Y/Y with strong performance in several emerging markets as the Apple Watch continues to expand its reach with about two-third of customers purchasing an Apple Watch last quarter, being new to the product, according to Luca Maestri, Chief Financial Officer (CFO) & Senior Vice President (SVP) at Apple.