Lyuy Yamen, Vasilenko N.V.Published in:
Creative Economy
– Volume 13, Number 11 (November 2019)

JEL classification: L26, L67, M21

Keywords: entrepreneurship, fashion industry, fashion products, world capitals of fashion


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Abstract:

This article is devoted to the actual problem of the development of the fashion industry as an economic industry that unites business structures engaged in the development, production, promotion and sale of fashion products. The article reveals the creative component of entrepreneurship in the fashion industry, due to the intellectual capacity of its products, as well as commercial, related to the need to ensure the profitability of enterprises participating in the production chain in the fashion industry. The interdependence of these components is traced on the example of the integration of design and marketing in the fashion industry. Special attention is paid to the factors that allow achieving a balance between the creative and commercial components of entrepreneurship in the world's fashion capitals. Such factors as state support, formation of production chain of creation and sale of fashionable goods, concentration of brands, professional personnel endowment are defined as the main ones. It is shown that the control over the production link of the production chain, allowing its participants to obtain technological advantages over competitors, plays the most important role. The intellectual capacity of fashion products is supported by the functioning of professional training systems for highly qualified personnel for the fashion industry, as well as the activities of universal and specialized professional organizations in this area.

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