The document discusses the fashion cycle, which describes the process by which fashion trends emerge, become popular, and decline. It outlines the typical stages: introduction of a new style, rise in popularity as celebrities wear it, peak popularity through mass production, decline as consumers tire of the style, and eventual rejection from the market. Fashion cycles can vary in length depending on how strongly a trend is accepted by consumers, from "flop cycles" with no acceptance to "classic cycles" that maintain enduring popularity.