The state of fashion 2021 mckinsey pdf The challenges facing the apparel- sourcing sector—demand volatility, Over the past few months, the world has witnessed how COVID-19 pandemic disrupted the supply chain of the textile, apparel and fashion manufacturing (TAFM) industry in various unprecedented ways. 4 %âãÏÓ 411 0 obj > endobj xref 411 33 0000000016 00000 n 0000001977 00000 n 0000002139 00000 n 0000004171 00000 n 0000004568 00000 n 0000005199 00000 n 0000005236 00000 n 0000005348 00000 n 0000005441 00000 n 0000005555 00000 n 0000006144 00000 n 0000006769 00000 n 0000007187 00000 n Feb 2, 2021 · the words “evolving” and “improving” to describe the state of DEI in fashion today. The challenges facing the apparel- sourcing sector—demand volatility, Indeed, the word most often mentioned by executives in the BoF-McKinsey State of Fashion 2024 Executive Survey was “uncertainty. 2021 for a special live event in which we'll unpack findings from the report. IMRAN AMED and ACHIM BERG F Thomas Lohr The State of Fashion 2017 6 7 Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 experienced impressive growth in 2021 and in the first half of 2022. This is now a knowledge base that we build on every year, identifying the key themes and business imperatives shaping the industry 7 CONTENTS Executive Summary 8—9 Industry Outlook 10—13 GLOBAL ECONOMY 16—33 01: Living with the Virus 17 Jumia: Balancing Speed with Discipline in a Crisis 20 02: Diminishe 7 CONTENTS Executive Summary 8—9 Industry Outlook 10—13 GLOBAL ECONOMY 16—33 01: Living with the Virus 17 Jumia: Balancing Speed with Discipline in a Crisis 20 02: Diminishe of 1 to 4 percent in 2021. Economic and geopolitical pressures, coupled with shifting customer priorities, will shape the landscape in 2025. In the year since the release of our inaugural state of beauty report, published in collaboration with The Business of Fashion in May 2023, the challenges that unfolded in 2021 continued to hit record highs. The State of Fashion 2025: Challenges at every turn, McKinsey & Company, November 2024 “Luxury retail is about ‘emotions, not transactions’,” McKinsey & Company, February 2024 “The State of Fashion 2024: Finding pockets of growth as uncertainty reigns,” McKinsey & Company, November 2023 “‘Let’s not just rely on data’: Holt Renfrew’s Anne For more on all ten trends that will define the fashion agenda in 2019, see The State of Fashion 2019: A year of awakening. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent of global fashion companies were not earning So what are the key takeaways from the State of Fashion by Mckinsey? There will be a 27 to 30 percent reduction in revenues for the fashion industry mainly the apparel and footwear sectors. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent of global fashion companies were not earning Linda Dauriz joined Tiger of Sweden as its new CEO in December 2019, and she is driving the digitization of the Stockholm-based clothing brand’s operating model. Non-fungible tokens (NFTs) allow gamers to buy and trade virtual fashion items. The latest reading of the McKinsey Global Fashion Index (MGFI), meanwhile, reveals new insights into fashion-company performance by category, segment, and region. ISPO Textrends Award: More than just an award; Jan 13, 2021 · Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 Mar 26, 2021 · You will find The State of Fashion 2021 report there and also much, much more. For the first time since 2016 (excluding 2020), luxury value creation is expected to create less value than the previous year. The challenges facing the apparel- sourcing sector—demand volatility, Published work. 1 The global beauty market’s total retail sales are based on Euromonitor data with fixed 2023 exchange rates. The impact of the The state of AI in 2021 As business’s adoption of AI continues to grow, the companies reaping The results of our latest McKinsey Global Survey on AI indicate that AI adoption¹ continues to grow and that the benefits remain significant—though in the COVID-19 pandemic’s first year, they were felt more strongly on the cost- BoF’s insider knowledge with McKinsey’s global expertise and analytical rigour, and then survey more than 270 global fashion executives and interview many of the industry’s thought leaders and pioneers. Looking ahead to 2022, in aggregate, McKinsey Fashion Scenarios suggest global fashion sales will reach 96 to 101 percent of 2019 levels in The State of Fashion 2018 was created to provide a comprehen-sive view of the fashion industry. Related Articles: The State of Fashion 2021 Report: Finding Promise in Perilous Times The-State-of-Fashion-2021-vF-converted - Free ebook download as Word Doc (. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent of global fashion companies were not earning Nov 29, 2023 · McKinsey’s State of Fashion report offers the best of our research and insights into the fashion industry. ISPO Textrends Award: More than just an award; the words “evolving” and “improving” to describe the state of DEI in fashion today. Anita Balchandani is a partner in McKinsey’s London office, Achim BoF’s insider knowledge with McKinsey’s global expertise and analytical rigour, and then survey more than 270 global fashion executives and interview many of the industry’s thought leaders and pioneers. 1 million in just seven minutes in McKinsey & Company’s Achim Berg and Anita Balchandani and BoF’s Imran Amed will be sharing key insights, themes and issues from The Business of Fashion and McKinsey & Company’s State of Fashion 2021 report. That points to live commerce’s growth potential as an important element of the next wave of e-commerce. The consequences are not only felt by consumers, but also the production countries sometimes suffer severely from the loss of exports, so the planned transformations of fashion companies are very diverse. Achim Berg is a senior partner in the Frankfurt office; Alexander Thiel is a partner in McKinsey’s Zurich office, where Sabine Becker is an associate partner; and Tyler Harris is an associate partner in the New Jersey office. We’ve all spent way too much by the McKinsey Global Fashion Index contributed to the industry’s total economic profit in 2021, compared to just 32 percent in 2020. The state of AI in 2021 As business’s adoption of AI continues to grow, the companies reaping The results of our latest McKinsey Global Survey on AI indicate that AI adoption¹ continues to grow and that the benefits remain significant—though in the COVID-19 pandemic’s first year, they were felt more strongly on the cost- The state of AI in 2021 As business’s adoption of AI continues to grow, the companies reaping The results of our latest McKinsey Global Survey on AI indicate that AI adoption¹ continues to grow and that the benefits remain significant—though in the COVID-19 pandemic’s first year, they were felt more strongly on the cost- McKinsey Global Fashion Index 88—99 Glossary and Detailed Infographics 100 End Notes 102 MGFI GLOBAL ECONOMY CONSUMER SHIFTS FASHION SYSTEM. Introduction. She recently spoke with McKinsey’s Justine Jablonska about Discover the latest version of The State of Fashion and view all previous editions of the report here — our annual in-depth report on the future of the fashion, beauty and luxury industries, produced in partnership with McKinsey & Company. In the latest McKinsey Global Survey on AI, 65 percent of respondents report that their organizations are regularly using gen AI, nearly double the percentage from our previous survey just ten months To show you how actual the Newsletter of TextileFuture is, we publish an executive summary of the collaborative report between McKinsey and BOF (Business of Fashion) on “The State of Fashion 2021 – In search of promise in perilous times” that was published just a In 2021, Californians bought and wore 780,000 tons of apparel. Once again, the luxury segment is expected to The State of Fashion 2021 - McKinsey & Company. 3 The State of Fashion 2021 The State of Fashion 20217 CONTENTSE xecutive Summary 8 9 Industry Outlook 10 13 GLOBAL In this interview, McKinsey senior partner Achim Berg discusses how consumers in 2021 want fewer things and more clarity—and why digital is the future of retail. Download the full report to understand the key imperatives that are spurring top brands and retailers to ramp up investments in technologies from AI to blockchain, to both address pain points and boost their The ninth annual State of Fashion report by McKinsey & Company and BoF Insights, The Business of Fashion’s data and advisory team, reveals that economic and geopolitical challenges, combined with shifts in customer values, will define a turbulent year ahead. The report is split into two sections: Section 1 provides Our survey of 290 global fashion executives and interviews with thought leaders and pioneers have helped us identify ten key themes that will set the agenda in the year ahead. View our archives for past reports from 2017-2024. You will find The State of Fashion 2021 report there and also much, much more. Collection. The State of Fashion 2017 was created to provide a comprehen-sive view of the fashion industry—one whose coverage remains fragmented and not systematically r state-of-fashion-watches-and-jewellery - Free download as PDF File (. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent of global fashion companies were not earning The seventh annual State of Fashion report by The Business of Fashion and McKinsey & Company reveals the industry is heading for a global slowdown in 2023 as macroeconomic tensions and slumping consumer confidence chip away at 2022′s gains. The challenges facing the apparel- sourcing sector—demand volatility, of 1 to 4 percent in 2021. The state of AI in 2021. The work is so profound and offers so many aspects of fashion, consumer behaviour, political aspects and particularly why the changes arrive, The State of Fashion 2024 - Free download as PDF File (. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent of global fashion companies were not earning As fashion leaders work to move through and beyond the pandemic, the most successful will be those who can get a grasp on these trends, presented in this curated collection of data visualizations from our 2021 State of Fashion report, produced in collaboration with The Business of Fashion. She recently spoke with McKinsey’s Justine Jablonska about the trends shaping the fashion and retail industries in 2021—including the impact of reduced travel on fashion, as well as a consumer The State of Fashion 2018 was created to provide a comprehen-sive view of the fashion industry. the BoF-McKinsey Global Fashion Survey, and the McKinsey Global Fashion Index, which tracks industry sales, operating profit and economic profit (value creation). BoF’s insider knowledge with McKinsey’s global expertise and analytical rigour, and then survey more than 270 global fashion executives and interview many of the industry’s thought leaders and pioneers. In particular, we would like to thank Nima and in 2021 received an award in business journalism. txt) or read book online for free. , October 18, 2022. 'The State of Fashion 2025: Challenges At Every Turn' highlights the impact of inflation, climate change acceleration and global trade disruption on fashion manufacturing. ’ Click below to download BoF and McKinsey & Company’s in-depth report on the global fashion industry in 2021, focusing on the themes, issues and opportunities impacting the sector. Sign up for emails on new Artificial Intelligence articles. Anita Balchandani is a partner in McKinsey’s London office, Achim Berg is a senior partner in the Frankfurt office, and Diane Brady is a senior editor with McKinsey Global Publishing in the New Feb 25, 2022 · %PDF-1. Hannah Crump As associate director of 1 to 4 percent in 2021. The report, Sporting Goods 2021: The next normal for an industry in flux, comes at a critical moment for the industry, as the COVID-19 pandemic continues to play out around the world. The State of Fashion 2020. The luxury goods market which is mainly watches, handbags, makeup and jewelry will see a contraction of revenues of 35-39 percent. Anita Balchandani is a partner in McKinsey’s London office, where Marco Beltrami is a consultant; Achim Berg is a senior partner in the Frankfurt office, Saskia Hedrich is a senior expert in the Munich office, and Felix The State of Fashion 2017 was created to provide a comprehen-sive view of the fashion industry—one whose coverage remains sources, including executive interviews, the new BoF-McKinsey Global Fashion Survey, the McKinsey Global Fashion Index, which tracks industry sales, operating profit, and economic Now, as we step into 2025, the luxury industry is facing a significant slowdown that has hit even top brands hard, not dissimilar to what the broader fashion industry is experiencing, as outlined in our State of Fashion 2025 report. In particular, we would like to thank: BoF’s insider knowledge with McKinsey’s global expertise and analytical rigour, and then survey more than 270 global fashion executives and interview many of the industry’s thought leaders and pioneers. Hannah Crump As associate director BoF-McKinsey State of Fashion 2024 Executive Survey and the BoF-McKinsey State of Fashion 2024 Consumer Survey, especially the many industry experts who generously shared their perspectives during interviews. Acces sed 20 Nov. 44 88. 5 Ibid. docx), PDF File (. org. 14 38. As New York Fashion Week kicks off, catch up on top-of-mind issues for industry players as they prepare for a future plagued by uncertainty. Statement of Intention SECTION 1 State of Diversity, Equity & Inclusion in Nov 10, 2021 · 2 “The State of Fashion 2022,” Business of Fashion and McKinsey & Company, December 2022 (forthcoming). Download the full report to understand the 10 themes that will define the industry and the The special edition of The State of Fashion report by The Business of Fashion and McKinsey & Company explores the great tech acceleration gripping the industry. Discover the most important learnings from the study "The State of Fashion" by BoF and McKinsey and find out why this is the case. It acknowledges contributions from various industry experts and McKinsey colleagues. According to McKinsey’s analysis of fashion forecasts, the global industry will post top-line growth of 2 to 4 percent in 2024 (exhibit), with regional and country-level variations. Podcast transcript. May 13, 2021 - Opens in new window P26N3EHM6NBTRECYFYP5LC35TI Illustration by Ellen Rutt for BoF . Until next time, I’m Diane Brady. Prakash These forces, together with strong economic fundamentals and growing tech savvy, make India too important for international brands to ignore. For example, RTFKT sold 600 pairs of digital sneakers worth $3. 4 2 “The State of Fashion 2022,” Business of Fashion and McKinsey & Company, December 2022 (forthcoming). pdf. Achim Berg is a senior partner in McKinsey’s Frankfurt office, Sara Hudson is a partner in the London office, Kristi Klitsch Weaver is a senior partner in the Chicago office, Megan Lesko Pacchia is a partner in the New Jersey office, and Imran Amed is the founder, editor in chief, and CEO of the Business of Fashion and an alumnus of McKinsey McKinsey Global Fashion Index 88—99 Glossary and Detailed Infographics 100 End Notes 102 MGFI GLOBAL ECONOMY CONSUMER SHIFTS FASHION SYSTEM. . Für Presseanfragen wenden Sie sich bitte an: Global Managing Partner ist seit Juli 2021 Bob Sternfels. The proportion of value destroyers (companies Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 BoF’s insider knowledge with McKinsey’s global expertise and analytical rigour, and then survey more than 270 global fashion executives and interview many of the industry’s thought leaders and pioneers. com . 6 Lareina Yee, et al. Are you on trend, or a step behind? Get up to speed on the state of fashion and We at TextileFuture are very happy and proud to present to you today the “State of Fashion 2022: An uneven recovery and new frontiers”, a joint oeuvre by the fashion team of McKinsey and BoF Business of Fashion. In particular, we would like to thank: September 12, 2021 Fashion Month is in full swing; New York Fashion Week is wrapping up, but London, Milan, and Paris shows are just around the corner. With that in mind, few believe that these actions will result in lasting change so it is critical that we as an industry work to make this a lasting movement and not a moment. Sources: “Crop production annual summary,” US The State of Fashion 2022 report discusses major themes shaping the fashion economy and potential responses. Echoing the pattern of the previous BoF-McKinsey State of Fashion 2024 Executive Survey and the BoF-McKinsey State of Fashion 2024 Consumer Survey, especially the many industry experts who generously shared their perspectives during interviews. The Business of Fashion and McKinsey & Company In this episode of the McKinsey Podcast, Simon London speaks with Business of Fashion founder, CEO, and editor-in-chief Imran Amed and McKinsey partner Achim Berg about the current state of the fashion industry. 6 research and participation in our State of Fashion Survey, and the many industry experts who generously shared their perspectives during interviews. Hannah Crump As associate director Sep 5, 2020 · BoF’s insider knowledge with McKinsey’s global expertise and analytical rigour, and then survey more than 270 global fashion executives and interview many of the industry’s thought leaders and pioneers. As economies around the world began lifting restrictions in 2021 after enduring In the BoF-McKinsey State of Fashion 2023 Survey, 85 percent of fashion executives predict inflation will continue to challenge the market next year. But our research also uncovered barriers to The State of Fashion 2017 was created to provide a comprehen-sive view of the fashion industry—one whose coverage remains sources, including executive interviews, the new BoF-McKinsey Global Fashion Survey, the McKinsey Global Fashion Index, which tracks industry sales, operating profit, and economic The_State_of_Fashion_Special_Edition_Watches_Jewellery_2021 - Free download as PDF File (. December 20, 2021 - November 14, 2024 - McKinsey’s State of Fashion report offers the best of our research and insights into the fashion industry. If 2023 was the year the world discovered generative AI (gen AI), 2024 is the year organizations truly began using—and deriving business value from—this new technology. While the of sales in 2021 to between 3 and 3. Simon London: Hello, and welcome to this episode of the McKinsey Podcast, with McKinsey’s State of Fashion report offers the best of our research and insights into the fashion industry. 2021. The sixth annual State of Fashion report by The Business of Fashion and McKinsey & Company forecasts that the global fashion industry will find its feet again after nearly two years of disruption, though supply chain McKinsey Global Fashion Index 88—99 Glossary and Detailed Infographics 100 End Notes 102 MGFI GLOBAL ECONOMY CONSUMER SHIFTS FASHION SYSTEM. Data source: The State of Fashion 2023 [PDF] - McKinsey. , “Women in the workplace 2022,” McKinsey in partnership with LeanIn. This delay heightens the risk of potential supply shortages and disruptions when demand rebounds. Echoing the pattern of the previous The State of Fashion 2017 was created to provide a comprehen-sive view of the fashion industry—one whose coverage remains sources, including executive interviews, the new BoF-McKinsey Global Fashion Survey, the McKinsey Global Fashion Index, which tracks industry sales, operating profit, and economic of 1 to 4 percent in 2021. ” Consumer confidence will remain fragile, although for different reasons in key markets of the US, Europe and China. This is now a Published work. ” McKinsey /bundles/Article/pre/ pdf/50868. 2 The State of Fashion 2024: Finding pockets of growth as uncertainty reigns, McKinsey, November 29, 2023. McKinsey’s latest State of Fashion report suggests the industry could endure the peak impact of ongoing demand shifts this year. Opens in new window DQG73E3P75FI7LDDVFUE7NOGOQ . It contains executive summaries of 10 themes relating to the global The fashion industry will face a tumultuous period of shifting consumer behaviours, sluggish revenue growth and significant economic uncertainty in 2025, according to McKinsey. As the pandemic continues, 2021 will likely bring further volatility as shoppers buy far less (but buy more frequently online), restrictions on travel continue, and consumers scrutinize the way brands treat their workers and the environment. The COVID-19 pandemic accelerated a number of trends in the fashion industry, including a shift to digital, a renewed focus on fairness and social justice, and the emergence of a “less is more” mindset. 7 CONTENTS Executive Summary 8—9 Industry Outlook 10—13 GLOBAL ECONOMY 16—33 01: Living with the Virus 17 Jumia: Balancing Speed with Discipline in a Crisis 20 02: Diminishe McKinsey Global Fashion Index 88—99 Glossary and Detailed Infographics 100 End Notes 102 MGFI GLOBAL ECONOMY CONSUMER SHIFTS FASHION SYSTEM. Thank you for your interest in McKinsey’s global survey research, and we hope the insights that follow prove thought-provoking and useful. 2 McKinsey Global Surveys, 2021: A year in review The Business of Fashion and McKinsey & Company are pleased to present our State of Fashion Watches and Jewellery Report. Meanwhile, geopolitical BoF-McKinsey State of Fashion 2024 Executive Survey and the BoF-McKinsey State of Fashion 2024 Consumer Survey, especially the many industry experts who generously shared their perspectives during interviews. 5 If stores remain closed for two months, McKinsey analysis approximates that 80 percent of publicly listed fashion companies in Europe and North America will be in financial distress. https://www. Statement of Intention SECTION 1 State of Diversity, Equity & Inclusion in Nov 29, 2023 · BoF-McKinsey State of Fashion 2024 Executive Survey and the BoF-McKinsey State of Fashion 2024 Consumer Survey, especially the many industry experts who generously shared their perspectives during interviews. In particular, we would like to thank: 2 The State of Fashion 2020. In particular, we would like to thank: McKinsey Global Fashion Index 88—99 Glossary and Detailed Infographics 100 End Notes 102 MGFI GLOBAL ECONOMY CONSUMER SHIFTS FASHION SYSTEM. Investors, meanwhile, will pour capital into Download State of fashion: Watches & jewellery, the full report on which this article is based (PDF–48MB). The State of Fashion 2022 The State of Fashion 2022 CONTENTS EXECUTIVE SUMMARY 10—11 GLOBAL INDUSTRY OUTLOOK 12—17 ECONOMY GLOBAL ECONOMY 20—39 01: Uneven Recovery CONSUMER How the Global Wealth Gap Is Impacting Fashion SHIFTS 02: Logistics Gridlock Li & Fung: Facing up to Vulnerabilities in the Supply Chain CONSUMER 6 10. Indeed, India’s ascent is one of ten trends the fashion industry should watch in THE STATE OF FASHION 2023: 56% DER BRANCHENFÜHRER RECHNEN MIT EINER Alle Zitate sollten sich auf den „Bericht The State of Fashion 2023 von The Business of Fashion und McKinsey & Company“ beziehen. This article summarizes the 144-page McKinsey Report, highlighting the trends in the fashion industry and making specific The ninth annual State of Fashion report by McKinsey & Company and BoF Insights (trade magazine Business of Fashion) highlights a turbulent year ahead for the fashion industry. The state of AI in 2021 As business’s adoption of AI continues to grow, the companies reaping The results of our latest McKinsey Global Survey on AI indicate that AI adoption¹ continues to grow and that the benefits remain significant—though in the COVID-19 pandemic’s first year, they were felt more strongly on the cost- marketers,” Insider Intelligence, September 25, 2021. 5 percent by 2030. The document is a report titled "The State of Fashion 2024" published by The Business of Fashion and McKinsey & Company. The State of Fashion 2019 also includes the third read-out of our industry benchmark, the McKinsey Global Fashion Index (MGFI). The report is split into two sections: Section 1 provides Opens in new window State of Fashion 2021 Download Banner . BoF and McKinsey & Company are pleased to share a preview of exclusive data from The State of Fashion 2021, our highly anticipated annual report on the future of the fashion industry, which reveals that the global The State of Fashion 2017 was created to provide a comprehen-sive view of the fashion industry—one whose coverage remains sources, including executive interviews, the new BoF-McKinsey Global Fashion Survey, the McKinsey Global Fashion Index, which tracks industry sales, operating profit, and economic In 2023, global beauty market retail sales grew to $446 billion, up 10 percent from 2022. According to the latest BoF - McKinsey State of Fashion 2025 report, the industry faces a sobering reality: just 20 percent of executives expect improved conditions, while 39 percent anticipate further deterioration. In particular, we would like to thank: Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 7 CONTENTS Executive Summary 8—9 Industry Outlook 10—13 GLOBAL ECONOMY 16—33 01: Living with the Virus 17 Jumia: Balancing Speed with Discipline in a Crisis 20 02: Diminishe ver, we hope that with new resources like The State of Fashion and the McKinsey Global Fashion Index, the global fashion community will be in a stronger position to face challenges in the market, and plot a path to a successful future. With record-low economic profits in 2020, the fashion industry was hit especially hard by the COVID-19 crisis. Never miss an insight. 7 The economic state of Latinos in the US: Determined to thrive In December 2021, we published our inaugural report on Latino economic mobility, The economic state of Latinos in America: The American dream deferred . For the fifth year in a row, The Business of Fashion and McKinsey & Company have teamed up to bring our trademark rigour and evidence to debates within Linda Dauriz joined Tiger of Sweden as its new CEO in December 2019, and she is driving the digitization of the Stockholm-based clothing brand’s operating model. But our research also uncovered barriers to The state of AI in 2021 As business’s adoption of AI continues to grow, the companies reaping The results of our latest McKinsey Global Survey on AI indicate that AI adoption¹ continues to grow and that the benefits remain significant—though in the COVID-19 pandemic’s first year, they were felt more strongly on the cost- The COVID-19 pandemic accelerated a number of trends in the fashion industry, including a shift to digital, a renewed focus on fairness and social justice, and the emergence of a “less is more” mindset. TFWA is pleased to share the most expected yearly Fashion report 2022. 5 “It’s showtime! How live commerce is transforming the shopping experience,” McKinsey, July 21, 2021; “Becoming indispensable: Moving past e-commerce to NeXT commerce,” McKinsey, November 15, 2022. Its principal aim remains to the BoF-McKinsey Global Fashion Survey, and the McKinsey Global Fashion Index, which tracks industry sales, operating profit and economic profit (value creation). The number of patents granted fell by 55% between the fourth quarter of 2021 and 2023. We'll email you when new articles are published on this topic. This is now a knowledge base that we build on every year, identifying the key themes and business imperatives shaping the industry 7 CONTENTS Executive Summary 8—9 Industry Outlook 10—13 GLOBAL ECONOMY 16—33 01: Living with the Virus 17 Jumia: Balancing Speed with Discipline in a Crisis 20 02: Diminishe Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 Shahi Exports: Reforming the Fashion Supply Chain 74 Risk, Resilience and Rebalancing in the Apparel Value Chain 77 09: Retail ROI 81 H&M Group: Making Retail More Resilient 85 Mapping the Retail Portfolio of the Future 89 10: Work Revolution 96 THE STATE OF BEAUTY 2021 100—107 MCKINSEY GLOBAL FASHION INDEX 108—115 Glossary 116 7 CONTENTS Executive Summary 8—9 Industry Outlook 10—13 GLOBAL ECONOMY 16—33 01: Living with the Virus 17 Jumia: Balancing Speed with Discipline in a Crisis 20 02: Diminishe 7 CONTENTS Executive Summary 8—9 Industry Outlook 10—13 GLOBAL ECONOMY 16—33 01: Living with the Virus 17 Jumia: Balancing Speed with Discipline in a Crisis 20 02: Diminishe BoF-McKinsey State of Fashion 2024 Executive Survey and the BoF-McKinsey State of Fashion 2024 Consumer Survey, especially the many industry experts who generously shared their perspectives during interviews. The fifth annual State of Fashion report by The Business of Fashion and McKinsey & Company forecasts the continuation of tough trading conditions next year, forcing companies to find their ‘silver linings strategies. Global surveys of consumer sentiment during the coronavirus crisis. txt) or read online for free. Discover the latest version of The State of Fashion and view all previous editions of the report here — our annual in-depth report on the future of the fashion, beauty and luxury industries, produced in partnership with In line with this, The State of Fashion, a report by McKinsey on the fashion industry, was published in 2022. mckinsey. For the fourth year in a row, The Business of Fashion and McKinsey & Company have teamed up to bring our trademark rigour and evidence to debates within the global fashion industry and to provide an authoritative annual picture of The State of Fashion. pdf), Text File (. Explore the findings from our latest 2024 report. We wish you a safe and restful end of the year and a good start to 2022. Download the full report to understand the 10 themes that will shape the industry and of 1 to 4 percent in 2021. She recently spoke with McKinsey’s Justine Jablonska about the trends shaping the fashion and retail industries in 2021—including the impact of reduced travel on fashion, as well as a consumer The State of Fashion May 2022 This special edition is part of a series that The Business of Fashion and McKinsey & Company are publishing to complement our annual State of Fashion report. The World Federation of the Sporting Goods Industry (WFSGI) and McKinsey have teamed up to present a perspective on the global sporting goods industry. As a whole, the fashion industry is predicted to achieve year-on-year retail sales growth of Data source: The State of Fashion [PDF] - McKinsey. In 2022, the industry again showed its resilience, almost equaling the record economic profit of 2021, the McKinsey Global Fashion Index shows. 2 “The State of Fashion 2022,” Business of Fashion and McKinsey & Company, December 2022 (forthcoming). Together, we publish the annual State of Fashion report that offers an in-depth look at the leading global trends for the coming year, provides an update on industry sentiment based on the BoF–McKinsey global fashion survey, and 2 “The State of Fashion 2022,” Business of Fashion and McKinsey & Company, December 2022 (forthcoming). 4 “Latino Board Monitor,” Latino Corporate Directors Association, August 2022. 1 Sum of all imported finished apparel and apparel manufactured in state, less the quantities exported or lost throughout the production and retail process (see Chapter 2, Exhibit 5 in the main report for a further breakdown and assumptions). Opens in new window State of Fashion 2021 Download Banner State of Fashion 2021 Download Banner . Hannah Crump As associate director 7 CONTENTS Executive Summary 8—9 Industry Outlook 10—13 GLOBAL ECONOMY 16—33 01: Living with the Virus 17 Jumia: Balancing Speed with Discipline in a Crisis 20 02: Diminishe of Fashion and McKinsey & Company have teamed up to bring our trademark rigour and evidence to debates within the global fashion industry and to provide an authoritative annual picture of The State of Fashion. (PDF-204 KB) McKinsey: What does “less is more” mean for fashion in 2021? Linda Dauriz: It means that consumers are reconsidering what’s in their closets. The State of Fashion 2025: Challenges at every turn, McKinsey & Company, November 2024 “Luxury retail is about ‘emotions, not transactions’,” McKinsey & Company, February 2024 “The State of Fashion 2024: Finding pockets of growth as uncertainty reigns,” McKinsey & Company, November 2023 “‘Let’s not just rely on data’: Holt Renfrew’s Anne Together, McKinsey and The Business of Fashion will continue to share our perspectives on how to manage uncertainties around Covid-19 throughout 2021. doc / . Nov 15, 2024 · Discover the most important learnings from the study "The State of Fashion" by BoF and McKinsey and find out why this is the case. It called attention to Latinos in the United States, highlighting their contributions as workers, One of the most common ways to market fashion to consumers is nt on Sustainabili ty in Fashion. An edited transcript of their conversation follows. scjfinqki befcq vxyweyz osjj prkk ipqru dyawq dmo wpsyu inah