But for others, like Mike Ashley’s Frasers Group, the challenges facing the apparel sector have led to opportunity, the Flannels owner upping its stakes in both ASOS and Hugo Boss to develop relationships and partnerships with other retailers.

The same sentiment has been shared by digital apparel supply chain company Lever Style which, in an exclusive interview, told Just Style the cost of living crisis and threat of recession could provide a lucrative opportunity. In fact, the company’s executive chairman Stanley Szeto is already exploring potential acquisition opportunities in 2023.

A cost of living crisis only highlights the importance of longevity when it comes to fashion and the apparel industry is continuing to jump on the circular fashion bandwagon.

Fast fashion brands and retailers are transitioning towards building a more sustainable fashion business by either introducing resale platforms, eco-friendly fibres or recycling industrial/garment waste.

This includes luxury brand Stella McCartney, which has been a pioneer of environmentally responsible fashion for over 20 years. Most recently, at her Paris Fashion Week show, the SS23 line featured the “world’s first-ever luxury bag crafted from mycelium”, while another collection used grape waste to create a plant-based alternative to animal leather.

However, there are growing concerns about the operational costs associated with pre-owned fashion platforms, especially during an economic downturn.

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In order for this growing trend to work in the long-term, fashion brands will need to ensure their garments will stand the test of time, which of course costs both time and money and could prove challenging as we move closer towards a global recession.