Spate uses generative AI to identify and predict trends, while Fashable creates AI-generated images for designers based on customer insights. AI can also assist in the technical aspects of producing fashion at scale, such as identifying product attributes across catalogs and choosing the best suppliers. Fashable's co-founder, Orlando Ribas Fernandes, believes that the use of AI in fashion will not necessarily reduce design costs, but will fix inefficiencies in the industry and lead to more personalized, sustainable fashion.
Key takeaways:
- Artificial intelligence is being utilized by fashion brands to understand consumer behaviors and identify style trends, with startups like Spate and Fashable leading the way.
- A report from McKinsey & Company estimated that generative AI could add up to $275 billion to the fashion industry's operating profits over the next three to five years, with 73% of fashion executives planning to prioritize generative AI in 2024.
- AI can improve efficiency and sustainability in the fashion industry, help identify and create new trends, and transform the creative process, but it requires careful implementation.
- The fashion startup Fashable is training AI models to generate realistic photos of garments based on customer insights, with the aim of creating styles that are more likely to sell, reducing overproduction and unsold inventory.