Fashion Industry is an international multi-billion pound business whose economic and social significance is incontrovertible around the world. Ranging from premium design houses to individually owned boutiques, this structurally diverse industry is incessantly generating and commercially exploiting creativity and innovation. Tremendous value of intellectual capital is used for creation and marketing of products in the fashion world, be it haute couture or ready-to-wear. The key sources of competitive advantage in contemporaneous business environment are innovations and original creative expressions. For continuous reaping of fruits through this competitive advantage, it is crucial for business managers to identify such valuable intangible assets, determine their business relevance, and secure the right kind of IP protection for them.