Fashion licensing exhibited an 8.1% increase in 2024, according to a recent report.

In 2024, the global fashion industry experienced significant growth, with more than 70% of consumers worldwide planning to buy used goods. This shift towards sustainability was evident in the rise of quiet luxury or minimalist fashion, a trend that gained traction among consumers.

The Licensing International 2025 Global Licensing Industry Study highlighted fashion as one of the fastest growing categories, with a 8.1% growth in 2024. This growth outpaced the total global licensing industry's growth of 3.7%. Fashion increased its market share to 9.3% of licensed retail sales, marking a 0.4 percentage point increase.

The growth in fashion licensing was partly due to growth among other product categories that traditionally license fashion brands, including home decor, housewares, beauty aides, fashion accessories, sportswear, and footwear. A notable example is the expansion of LEGO-related collections like LEGO Ninjago and LEGO Star Wars via Blue Ocean, which significantly grew its licensed children's magazines, stickers, and collectibles portfolio, boosting their market presence in fashion-related licensed products.

Consumer interest in trade-in, buyback, and upcycling programs also played a role in the growth of the fashion industry. This shift towards sustainability was further evidenced by the report's identification of a focus on investment in minimalist fashion as a trend.

The rise in sustainability and cost-consciousness was not limited to the fashion industry. Discount retailers saw growth as price-sensitive consumers increasingly turned to private label products. This trend was exemplified by the performance of Nordstrom, where sales fell 3% in 2024, while Nordstrom Rack's sales increased nearly 15%.

The growth in the fashion industry was partly influenced by a lack of new intellectual property in the entertainment industry. The 2023 writers' and actors' strikes led to many TV show and movie releases being delayed until 2025, creating a lack of new IP in 2024. This lack of new IP led to a "shift in the structural mix of licensed properties and product categories."

Despite the challenges faced by the entertainment industry, the demand for fashion remained strong. The stigma of buying used clothing items has been replaced by a focus on deal-hunting, value, and sustainability among Gen Z and Millennials. This shift in consumer behaviour is set to continue, with the focus on sustainability and cost-consciousness likely to drive further growth in the fashion industry in the coming years.

Fashion licensing exhibited an 8.1% increase in 2024, according to a recent report.