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Trends in Digital Transformation of Major Multinational Firms Operating in Fashion Sector

Student: Chinwendu chinyere Kawa

Supervisor: Alexey Bereznoy

Faculty: Institute for Statistical Studies and Economics of Knowledge

Educational Programme: Governance of Science, Technology and Innovation (Master)

Year of Graduation: 2021

The fashion sector is one of the fastest-growing especially in the online categories, but also one of the slowest to embrace new technologies. Notwithstanding the current global economic downturn, the global fashion industry continues to grow at a strong rate. Now this, coupled with the absence of switching costs for consumers and great product differentiation, means there is a slight rivalry within the industry. The industry is of great importance to the economy in terms of trade, employment, investment, and revenue all over the world. Digital transformation in the fashion industry contributes so much, but if ignored, can be devastating. Several trends in the post-COVID-19 world, could make digital transformation play an even more crucial role. This will mean, Social distancing could continue, making consumers less likely to visit physical stores, and a contact-free economy could arise, boosting e-commerce and automation to a new level. The purpose of this study is to identify the trends of digital transformation on the fashion industry, with specific reference to top multinational companies. To answer this, this study will examine the specific digital trends and the impacts of the trends of digital transformation on major multinational firms in the fashion industry. These multinational firms are also drivers in the industries considering they have sufficient resources to invest in digitization. It will be good to know if it is their physical presence, as most of these multinationals are located all over the world, or their digital presence that differentiates them from their competitors. This thesis will clarify how the leading fashion multinationals are implementing digital transformation into their business models, Customer interaction and business processes. The key objective of this thesis will be achieved using literature, existing sources, web articles, and reports. Based on the results, the thesis will then present recommendations for fashion companies so that other fashion retailers can reap the benefits of digital transformation.

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