Fashion accessory industry constantly picking up the sales with each passing year. The fashion accessory industry is transforming & with the global clothing accessory industry generating a global revenue of approximately US $74.9 Million of the overall industry value, the growth of the fashion accessories industry has in a way initiated a fierce competition in the sector.

Fashion Bags & Purses
This sector forms an important part of the fashion accessories industry. Materials as cotton, denim, polyester, nylon & leather are generally used for bags & purses. China, India, Vietnam, Pakistan, Philippines, Germany, Hong Kong & Indonesia are the top producers of these products.

Fashion Footwear
The footwear industry is extending consistently, since, it is synonymous with protection, hygiene & for style. The footwear manufacturers are involved in producing boots, clogs, sandals, etc. & are available in a wide array of colorful designs made of durable & qualitative materials as leather, plastic, wood etc. there was a major transformation in the industry in the 1990s which resulted in the transfer of global footwear production from traditional producing countries to China, Brazil, Indonesia & to Central & Eastern Europe. USA, Hong Kong & Germany are the major producers of footwear products

Fashion Watches
There is significant growth of the Swiss & Chinese watch industry at 9% & 7% respectively in the global watch market which is currently valued at US $ 26.5 billion dollars. However, the Japanese are showing some sort of stagnation while the leaders are still China, Hong Kong, Thailand, Australia, USA, India, Greece & Peru.

There are a lot of challenges as faced by the global fashion accessory industry which is on the threshold of a large-scale transformation. These are majorly :

• Raw material price having a steep increases
• Competition & over capacity
• Major markets experiencing change in consumer buying power
• New markets emergence
• Growth in consumer consciousness
• Alertness of governments & regulators

The fashion accessory industry is facing a stiff competition globally from the Asia pacific countries because of which the US based companies are competing on quality rather than price & are as well diversifying their products. They are making use of latest machines accompanied with novel marketing strategies & advertising techniques which can work wonders for the industry. Keeping these in view, the industry's future is predicted to be very bright as greater number of people are becoming more fashion savvy which has led to the growth of innumerable fashion accessory products.