What is the impact of globalization on the fashion industry?

Globalization has significantly transformed the fashion industry by diversifying sourcing and expanding markets. This means that brands are no longer limited to local suppliers or domestic markets. Instead, they can source materials and production from a wide array of international suppliers, which not only allows for a greater variety of products but also provides the opportunity to take advantage of cost efficiencies and specialized skills found in different countries.

Furthermore, globalization opens up new markets for fashion brands, enabling them to reach consumers across the globe who demand different styles, designs, and products. This expansion enhances the potential customer base and allows companies to cater to diverse tastes and preferences, ultimately leading to increased profitability and market presence.

In contrast, the other options suggest limitations or reductions that do not align with the reality of the fashion industry under globalization. For instance, limiting sourcing opportunities, reducing competition, or simplifying production practices contradicts the dynamic and complex nature of fashion in a globalized world. Instead, globalization encourages a more competitive environment with varied sourcing strategies and production practices to meet the demands of an increasingly interconnected marketplace.