Sweatpants Forever: How the Fashion Industry Collapsed

In this sense, fashion is to clothing what live music is to alcohol, or what journalism is to advertising. There is an underlying high-margin business that you use a spectacle to attract people into to sell them stuff. The talent for the spectacle exists in a local equilibrium that is largely oblivious to the economics that make it viable. Journalists are a great example of people who thought they were the money maker and remain in denial about the economics of their role of bringing readers to advertisers.

Fashion designers (like Jacobs in the article) appear to have the same conceit, where their role as the spectacle that draws in punters who buy super high margin smelly water, face paint, and snake oil lotions has been displaced. Covid has just been the coup de gras, where the fashion business has been steadily being polarized and dis-intermediated for at least a decade. A business that promised and re-sold proximity to fame was really taken out much earlier by Instagram and its influencer economy, where now everyone is famous for Warhol's 15 minutes, and the returns on investment in fame schemes are now much more diffuse.

The dynamic described in the article about luxury clothing in the end resembles the book and publishing business, where you are in effect consigning product to retailers, who make massive orders for their big box shops, then destroy you with returns. It's like how movies spent almost 100 years in in the popcorn and concessions business, and they've found totally new economics in the streaming game. Fixing fashion is the same class of problem as fixing journalism, publishing, music, movies, and arts in general, where the economics of getting people together to sell them complimentary high margin goods in the moment and place was decimated by social media, and now finished off by covid. These markets aren't dead, but they are now polarized, where the super high end is fine, and the absolute bottom will persist, but the lucrative middle is hollowed out. These fashion design brands made most of their money on middle market goods backed by over leveraged private equity investments and sunk costs in conglomerates, and that's why they're getting killed by this.

Fashion is the business of symbols and signifiers and there is infinite human demand for these (just as there is for stories, conflict/news, spectacle, etc), so future businesses using totally different modalities will pick up the slack to meet it, but reading fashion talent hand wringing about their market is like listening to journalists talk about the economics of publishing, hockey players discussing team ownership, or perhaps even us hackers talking about venture capital. What we think is meaningful and decisive, it's not meaningful and decisive.

Look at history and you find plenty of examples how cultures and trends emerged and spread within parts of societies, then got dragged into the spotlight by people wanting to maximize profit of off it, selling soulless disposable shells of the originals.

With the fashion industry 'pushing the unseen and unsold 2020 collections into 2021', Oscar Wilde's quote may no longer be true!

There’s quite a bit of variation within those. Where I live, “casual” these days is usually something like Columbia PFG - the epitome of “dad clothes”, as my wife tells me. I tend to wear that pretty much exclusively. I substitute jeans for the shorts in winter and buy a new leather jacket about every 3-5 years. I pass my old one on to someone else.

Your point stands, though. As a man, my clothes are 100% based on practicality, and I often only discard them when they’re too worn to be presentable.

Every pound of vehicle mass that you've purchased beyond what was absolutely necessary to 'get from A to B' and every unnecessary bit of travel or vacation has produced considerably more 'waste' than anything a the 'high end' of fashion.

Seriously - this moral concern coming from the 'land of a billion not-necessarily-even-useful plastic gadgets'?

The 'high end' of fashion is mostly art and artisanal, paid for by the rich. Not essential, but not a big deal.

Furthermore, the article is not about even 'high end fashion' - it's about basic attire. If people want to walk around in branded underwear then fine, but this is literally 'Idiocracy, 2008' coming to life.

If there is possibly an issue with 'waste' it's definitely not towards the 'upper 1/2' of the industry wherein such pieces could be worn for a lifetime, rather, it's 'fast fashion' i.e. H&M and Zara. This is arguably wasteful.