Who Runs the Fashion Industry?
If you are in the fashion industry, you are probably wondering who runs the business. Thankfully, statistics are improving, and women are now a larger share of the C-suite than ever. According to McKinsey & Co., female-founded fashion startups such as Rent the Runway, Reformation, Stitch Fix, and TheRealReal are leading the way. The next step is to figure out how to become one of them.
Globally, the fashion industry employs between 40 to 60 million people in factories and in cotton fields. These workers earn very little and are subject to countless human rights violations. Many garment workers are forced to work overtime in dangerous conditions and face gender-based violence. While women make up the majority of garment workers, they are still subject to low wages and countless human rights violations. They often lack proper benefits and are forced to work in conditions that are dangerous for their health and safety.
One of the most powerful fashion houses in the world is LVMH, which is owned by the Pinault and Arnault families. The group was created in 1987 when Louis Vuitton and Moet Hennessy combined. In 1988, it bought Givenchy, the designer who created Audrey Hepburn’s iconic Breakfast at Tiffany’s dress. In the 1990s, the company also acquired Marc Jacobs and Christian Dior. The company is now also the owner of Sephora, Kat Von D Beauty, and Benefit Cosmetics.