Something is off in the fashion business. Say a woman and a man who graduate school with comparable educations, grade point averages, and internships enter the fashion industry at the same time. As they start moving up the ranks, everything is fine for a while. But eventually, the woman is much more likely to get stuck in middle management while the man continues to rise. As a consequence, while there are plenty of women in middle management roles in fashion, just 12.5% of clothing companies in the Fortune 1000 today have female CEOs, according to “Unraveling the fabric ceiling,” a report by the global accounting and consulting firm PwC. That’s less than companies in the aerospace and defense industries, which are about 20% female-led, and financial services, where 18% of companies have women as their chief executives. Read more at Quartz.