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To understand the fashion industry, it is first important to understand how monopolistic way it works. Monopolistic competition consists of many firms in the same industry competing for and targeting the same costumers to buy their products. Production differentiation is what sets different firms and brands apart from one another and is what makes a consumer want to buy a product. In the fashion industry, new brands emerge, whether they are big or small, all the time. The goal of each brand is to sell the best product— the product that is the most differentiated and unique compared to the others.
In the world of fashion, fast fashion is a fairly new term. According to the Merriam-Webster dictionary, fast fashion is defined as “an approach to the design, creation, and marketing of clothing fashions that emphasizes making fashion trends quickly and cheaply available to consumers.”