- AI is set to transform the fashion industry, potentially adding billions in profits.
- Three-quarters of fashion executives prioritize AI.
- AI-powered tools like Fashable help brands reduce waste and cocreate with customers.
3/4 of fashion execs prioritize AI this year
The use of artificial intelligence is quickly accelerating across the fashion industry. A 2023 McKinsey report estimates generative AI could add up to $275 billion in profits over the next 3-5 years.
Nearly three-quarters of fashion executives surveyed plan to prioritize AI this year.
AI is multifaceted, improving efficiency and sustainability while identifying trends and sparking new creativity.
“AI will completely transform the creative process,” says consultant Benjamin Bond. AI can analyze endless product variations and attributes to reveal bestselling styles.
Brands like Nike with digital design experience can tap AI’s creative power.
Introducing Fashable
Startups are developing AI-powered tools for fashion. Fashable creates AI-generated product images to help brands reduce overproduction and waste.
Its models are customized, training only on a client’s data. Rather than reduce costs, Fashable’s founders expect AI to fix fashion inefficiencies.
Their vision is brands “cocreating” with customers, producing tailored pieces versus fast fashion.
AI brings boundless potential to forecast trends, optimize production, and democratize design.
Implemented thoughtfully, it can revolutionize fashion’s creative ethos and build a more sustainable industry.
