In general I agree with this, as it relates to the biggest (design and marketing) houses (companies).
It would be a big impact if the general run of the mill design firms folded.
Women like to shop for new clothes (and some men are really into that also). It’s a decent industry if they provide decent cutting edge items.
If they are going to game stuff like this, a pox on them.
Fabrics have changed, but the “in style” clothes that I buy today have not radically changed in over 30 years - the best styles are the styles that have never aged much; classic remains good. To clothe the world well the fashionistas are not needed. (I know the industry personally well through family and friends.)