Generative AI is the next creative path in fashion

Nearly $14.1b was invested into AI-focused startups.

It has been a standout year for generative AI, courtesy of $14.1b of investments for rapid developments by AI-centred startups, contributing an estimated 25% of the input to the fashion industry.

In a joint report by The Business of Fashion (BoF) and McKinsey & Company, 73% of executives in the industry have voiced their priorities to utilise more generative AI for design and product development.

Despite that, several fashion executives also see a substantial knowledge and talent gap in their respective businesses. Only 28% have attempted to use and integrate generative AI processes into their pipeline, while a drastic 5% see that their workforce is equipped with the needed skills to unlock its potential.

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By the next year, seizing the opportunities of AI will allow the industry to evaluate beyond automation and apply its features to improve human creativity input and boost its production in various phases.

Fashion is not the only industry seeking to adopt generative AI in 2023 as more cases emerged from creative industries tapping into its potential.