The global fashion business is going through a period of intense change and competition, with disruption coming in many colors: global online marketplaces, slower growth, more startups and consumers who now seem bored by what once excited them. Many U.S. shoppers have grown tired of buying Prada and Chanel suits and prefer to spend their money on experiences rather than clothes. Questions about fashion companies’ labor and environmental practices are leading to new policies, although some critics remain unconvinced. Fashion still relies on creativity, innovation and consumer attention, some of which comes from technology and some from celebrities.read full report
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First lady Michelle Obama wears an Atelier Versace dress as she and President Obama greet Italian Prime Minister Matteo Renzi at the White House in October. (Leigh Vogel/WireImage)