The document discusses the fashion cycle, which has 5 stages: introduction, rise, peak, decline, and obsolescence. In the introduction stage, a new style is accepted by fashion leaders and promoted through small productions. During the rise stage, mass production lowers prices and increases awareness. The peak stage is when a style reaches maximum popularity and demand. Then in decline, popularity decreases and retailers discount prices. Finally, obsolescence occurs when a style is rejected and no longer produced.