News : Want a Job at Banana Republic, Moncler or House of CB?

Monday, February 19, 2024

Want a Job at Banana Republic, Moncler or House of CB?

In this week's Careers Newsletter, read commercial features editor Sophie Soar's latest white paper: Incorporating Generative AI Into the Fashion Workplace.

Generative artificial intelligence, or gen AI, is leading the charge of next-gen technologies shaping industries and their workplaces. Already, gen AI can be leveraged across the value chain: from product design and content creation across campaign images, marketing text, website code and videos, to online consumer experiences through virtual styling and digital clienteling. Meanwhile, conventional AI can be leveraged to forecast demand for buying and merchandising teams or gather insights for store associates and retail teams.

The management consultancy firm McKinsey & Company estimates that gen AI could add up to $275 billion of economic potential to apparel, fashion and luxury sectors' operating profits. As a result, 73 percent of fashion executives expect to prioritise gen AI this year, as cited in BoF and McKinsey's State of Fashion 2024, while 62 percent of fashion businesses already use gen AI in the workplace.

Crucially, the rate of change executives seek in their business by integrating gen AI and other technologies is out of step with existing skill sets. The State of Fashion report finds that many will face a talent gap, given that just 5 percent of the surveyed executives said they are ready to make best use of the technology.

This BoF Careers white paper explores how fashion businesses can approach integrating gen AI into their workplace, the core skill sets needed in a digitally competent workforce, and the pastoral requirements to effectively support an employee cohort reimagining its day-to-day practices for long-term success.

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