7 Reasons Why Fashion Design Is Lucrative

Fashion is an industry worth over $2.5 trillion globally, while the top 15 richest people in the fashion industry are worth a combined total of $410.8 billion. How do you get to the top of the fashion design industry? How can you grab even just a piece of those profits?

Fashion design is a lucrative business. According to U.S. News, a fashion designer can make between about $50,000 to $100,000 per year, and that number only continues to grow. Because fashion is always necessary, there are many different niches to fill, and fashion designers can work on their own or with an established fashion house, it makes the position lucrative. Designers are in a creative and ever changing but well-connected industry, and experience is not required. 

How did fashion design become such a lucrative industry? Why is it so lucrative? Who are the people who have made the fashion industry worth so much? Read on to find out more about the history of the fashion industry, the people in it, and why it can make you rich with the right ideas and passion.  

How Far We’ve Come: History of the Fashion Industry

To understand how the fashion industry has become this lucrative, you have to understand the past and how it’s developed. While we have always needed clothing as a civilized people, most clothing was utilitarian until the 19th Century for the common folk. The wealthy, on the other hand, used it as a vehicle for showing the world just how wealthy they were. 

This really started in French culture with the Queen of France Marie Antoinette—before she told her countrymen to eat cake, she was a French fashion icon, guided by dressmaker Rose Bertin. With his popularity, more followed, including Mademoiselle Alexandre and Le Sieur Beaulard, more royal dressmakers. 

 7 Reasons Why Fashion Design Is Lucrative

These dressmakers were creating pieces that were at the forefront of the style at that time, but they also started to influence the growing industry. As they started to set themselves apart from other less royal designers, more and more designers began copying their own designs. As more people attempted to jump on the popularity of the royal style, they started to create more and more items for public consumption—which is, arguably, how fast fashion was born. 

When common folk began to purchase their clothing out of department stores in the early 20th Century, demand increased, meaning the industry shifted. More and more people started designing clothing, all with different ideas and styles. Sometimes these designers influenced an entire culture—have you ever wondered why women don’t still wear corsets? You can thank fashion designer Paul Poiret for starting to design his clothing without the use of corsets or stays, which had been used for hundreds of years. 

At this point in history, your cornerstone brand names start to grow and thrive in the French market. Balenciaga, Givenchy, Dior, and more started at this time, and they continue to thrive and shape the market just like Rose Bertin did hundreds of years before. 

Vital Equipment You Need As A Fashion Designer

7 Reasons Why Fashion Design is a Lucrative Business

Why is the fashion design business so lucrative? Why are people making so many millions—and billions—of dollars designing clothing? The following reasons are why the business has continued to grow throughout the 20th century—and will only expand. 

  1. Fashion is necessary and there will always be a high demand. 

Because we all need clothing to function in proper society, there will always be a high demand for fashion. Not only that, but people are searching for ways to express themselves in the best way possible—so there will only be increasing demand for new and exciting designs as population grows. Whether we like it or not, fashion is an integral part of our lives, so you could tap into that $2.5 trillion industry. 

  1. There are so many different niches, and there are still many that are not being met to the level that people want. 

Consider all the different types of fashion businesses that you see when you go to a mall. There are athletic stores, shoe stores, plus sized or children’s clothing stores, teen accessory stores, and even stores that fill a certain niche or style. There are thousands of different style ideas that are still waiting for more focus from a fashion house. If you find yourself drawn to a niche that isn’t being met to industry standards, you could find yourself in a situation where that group of people following that style flock to your business. Whether it’s a style niche or a size range, you could make your millions catering to an underserved population of people. 

  1. Many businesses can start from the ground up with their values and designs at the forefront. 
 7 Reasons Why Fashion Design Is Lucrative

Taking your own fashion designs and creating your own fashion line can seem daunting, but this is a great way to make sure your own values are attributed to the business that you’re working for. If you’re already designing your own clothing line, why not make it your own? You don’t need to work for an already existing fashion house to make money on your designs. While it is more complicated to start your own business, this is a great way to make sure your profits are going directly to you. 

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  1. Established fashion houses are already making billions—and they’re always hiring fashion designers. 

If you find you don’t want to start your own business, you still have options to break into the industry. Demand for the position continues to increase, while Recruiter.com states that over 6,000 jobs will need to be filled before 2029. As mentioned before, there will always be a need for clothing, so there will always be a need for designers, whether it’s affordable fashion or haute couture. 

  1. Fashion is a very creative industry—meaning it is unique and always changing. 

 Because the fashion industry is a very creative industry, it means that no matter what your designs are, they will catch the eye of someone in the world. Whether you’re designing for a couture house or your own business, you can create something that is unlike any other design on the market—and that could be the idea that makes you your millions. 

  1. Experience is not required when you start fashion designing. 

Consider some of the most popular and lucrative fashion designers in the world—Michael Kors dropped out of fashion school before launching his fashion line. While having some sort of degree in art or fashion design can help you in the long run, it’s proven that you don’t need it to find success—CoCo Chanel, Miuccia Prada, Donatella Versace, Manolo Blahnik, and Giorgio Armani all found it without finishing their degrees, and you can, too. 

  1. Knowing the right people can get you in the door. 

While we don’t always like to think that networking or nepotism can get you into the fashion industry, it is a true fact—if you’re already starting from money or influence, you have a better chance of creating a lucrative career. While it is not required, many businesses started that way, like Diane Von Furstenberg, who married into the Fiat automobile fortune. While that meant she had the capital to start a successful business, don’t think that you don’t have that opportunity, too. Work your contacts—you just might find the right one. 

 7 Reasons Why Fashion Design Is Lucrative

Regardless of who you know or how much experience you have, the fashion design industry is a booming industry and will only continue to grow. If you’re interested in becoming one of those fashion designers, consider starting your business freelancing. Many fashion houses are looking for new designers, and you can receive the experience without being beholden to one particular fashion house. You can work on your own, complete as many contracts as possible, and start to get your name out there—because if you want to start your own fashion house, you’re going to need experience, some capital, and a design that people seek. Whether it’s shoes, athletic wear, or haute couture, there is always room for another name in that list of clothing industry billionaires, and that next one could be yours. 

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RELATED QUESTIONS

Who are the richest fashion designers in the world?

Some of the richest fashion designers in the world come from the most popular and famous haute couture fashion houses that are well established in the fashion industry. Those netting worth of over $1.5 billion are Valentino Garavani, Domenico Dolce and Stefano Gabbana, Ralph Lauren, Giorgio Armani, and Miuccia Prada, to name a few. 

What education do you need to become a fashion designer?

No education is required fir you to start your fashion line, but a degree in a field like art, business, or fashion design can help you get a leg up on the competition. As long as you are creative and passionate about the industry, you can become a fashion designer without any sort of degree. 

To learn more about how to start your own fashion clothing line check out my startup documents here

Please note: This blog post is for educational purposes only and does not constitute legal advice. Please consult a legal expert to address your specific needs.