Fashion's Payment Practices See Slight Improvement: Average Score Rises by 3 Points

The Comparison

• 2023: A study of 35 fashion companies yielded an average payment score of 63.4 out of 100. This suggests a noticeable disparity in payment performance across the sector at this time.

• 2024: With a smaller sample size of 29 companies, the average payment score increased to 66.3 out of 100. While an improvement, this only represents a marginal shift in overall payment performance.

What This Means

The 3-point increase suggests some companies are making incremental improvements, but it's hardly a revolution in payment behaviour. A sample of 29 is reasonably small compared to the whole industry and some of those companies will be big players making a large impact, perhaps by committing to quicker and simpler payment plans. Companies dealing with late payments can use a late payment calculator to evaluate the impact on cash flow and potentially factor in interest.

One-line summary: Fashion industry average payment score improved slightly, from 63.4 (35 companies) in 2023 to 66.3 (29 companies) in 2024.