Companies that organize themselves in industrial clusters seek to amplify their capacity to generate value. However, the process of analyzing, creating and delivering value has been presented in a fragmented way. There is a lack of studies and systemic understanding. This study aims to analyze systemically the drivers and barriers for generation of value in fashion industrial cluster in the Southern Region of Brazil. The research method used to conduct this study is case study with a qualitative approach. The six elements that compose the process of analyzing, creating and delivering value were used to identify drivers and barriers for generation of value in industrial clusters and development to knowledge on clusters. The variables were interrelated the results them and formed the systemic structure. The analysis allowed concluding that the elements for generation of value described in the literature are present in the study units and it possible use this element for knowledge from clusters. However, it is necessary to analyze them systemically to obtain the desired results. This study evidenced a conceptual misalignment by participating companies regarding the true role of an industrial cluster. Strengthening among peers, in the form of exchanges of experiences and synergy among companies, does not happen in a satisfactory way. This relation among companies should be highlighted so that the cluster results are improved.