Wonders If the Fashion Industry is Doing as Bad as Everyone Thinks

I don't believe the fashion industry is doing as poorly as everyone says. Fashion is the largest industry in the world. Maybe we don't spend our money on elaborate and over-priced clothing, but we still buy clothing. Clothes are a necessity. So more than anything, I believe the there are price corrections happening in the industry such that high-fashion lines will have to compensate and re-modulate their price structure.

What do you think?