40 Best Fashion Schools in the World for 2024

In this article, we take a look at the 40 best fashion schools in the world for 2024. If you want to skip our detailed analysis of the fashion industry, you can directly go to the 10 Best Fashion Schools in the World for 2024.

The Fashion Industry - An Overview 

According to a 2024 report by The Business Research Company, the global apparel market was worth $655.7 billion in 2023. From there, it is expected to grow to $918.71 billion in 2028, showcasing a compound annual growth rate (CAGR) of 6.9%. The 2024 State of Fashion Report by McKinsey & Company shows that in both 2021 and 2022, the luxury sector outperformed other industry segments. In 2022, luxury fashion apparel companies contributed 36% economic profit growth within the sector. According to the company’s forecasts, the global fashion industry is expected to show a growth of 2%-4% in 2024, a major chunk of which is likely to be from the luxury segment, which is expected to grow by 3%-5%. However, experts also expressed that declining consumer savings might lead to decreased spending as customers pull back their money after going through a surge of post-pandemic shopping. 

Where Does The Challenge Lie?

According to the survey McKinsey & Company conducted for its report, 62% of executives expressed geopolitical instability as the biggest threat to growth within the fashion industry. A total of 55% of executives believe that economic volatility is going to be the biggest obstacle to increased revenue, whereas 51% pin inflation as the cause. Expert opinion is also divided on where the industry is headed: 37% of survey respondents mentioned that the industry was going to stay the same, 38% thought it was going to get worse, and only 26% expressed hope that it would improve. The survey also concluded that with cost-saving tactics almost being exhausted across the industry, there was a more than 50% intent of raising prices. 

Employment Outlook 

Even as uncertainty within the industry grows, the employment outlook is faring well for itself. The US Bureau of Labor Statistics projects a 3% growth in the market for fashion designers from 2022 to 2032, which is almost the same average as most other professions in the industry. On average, there will be nearly 2,300 new openings each year in the decade. In May 2022, $76,700 was the median annual wage for fashion designers. On the other hand, employment for fashion illustrators is predicted to grow 4% from 2022 to 2032 in the broader category of craft and fine artists. On average, this segment is expected to have almost 5,500 new job openings each year. You can also check out the 12 countries that produce the best fashion designers in the world