I am a Fashion Design student right now so I know a bit more about that subject. But Fashion merchandising is the business side of fashion, the fashion shows and events, retail stores, management, store displays, trend research stuff like that. Fashion Design is the technical and creative side of fashion, the drawing, knowledge and skills in sewing/construction, and of course designing. Merchandising in terms of schooling is more math (business) and reading and writing, whereas in Fashion Design its all much more hands on work like sewing and drawing. I hope I've helped to clarify.
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