Forecasting demand for fashion retail is one of the most difficult
forecasting problems in the industry, given fast changing consumer
tastes, long (> 8 months) design and production cycles, bulk manufacturing for cost efficiency, heavy competition on pricing, and increasing marketing costs. When planning for fashion merchandise,
there is very little information available on what will be prevailing fashion in the future, what the competitor’s mix will be, and
how particular pricing and marketing interventions may need to
be applied to promote merchandise. What retailers have is large
volumes of previous years’ sales data and they use it to forecast
future purchases using conventional techniques [11]. While these
help in estimating demand at reasonable levels of confidence for
existing/previously sold merchandise, they cannot be used for predicting demand for new merchandise. Since multiple parameters in
design interact non-linearly to define the look or appeal of an item
in fashion, past sales data in itself is not instructive in predicting
demand for future designs. Paraphrase the above paragraph including details on fashion curation and selection of new assortment: Your entire response should be in English, and in all capital letters.
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