Imran Amedis the founder, editor-in-chief, and CEO of the Business of Fashion. Comedy night with Shreeja Chaturvedi. But it is in the developing world, where healthcare systems are often inadequate and poverty is rife, that people will be hit the hardest. Amid intense competition, cybertalent will be at a premium. Overall, the industry continues to hover in a state of flux, and the fortunes of individual players can turn with frightening speed. The beauty segment, covered for the first time this year in our The State of Fashion 2021 report, has remained relatively insulated from the pandemic, offering consumers a comforting pick-me-up in challenging times. Meanwhile, shoppers for luxury items will likely continue to spend largely as they have been, insulated from the impact of the economic slowdown. Daily office attire will become more casual, and special-occasion dress will become bolder. That's up from the 9% who had the same expectations for 2022. How will changes to the global economy and consumers behavior affect fashion in the postcoronavirus world? Our latest reading of the our global fashion index, meanwhile, reveals new insights into company performance by category, segment, and region. Here, we expect a modest growth of 1 to 2 percent. When it comes to sustainability, the industrys track record remains a source of concern. Mar 4, 2023, 12:12pm EST. Anita Balchandani is a partner in McKinseys London office, where Jakob Ekelf Jensen is an associate partner and Leila Le Merle is a consultant. Now, the resulting quarantine of consumption13Marcus Fairs, Coronavirus offers a blank page for a new beginning says Li Edelkoort, Dezeen, March 9, 2020, dezeen.com. This has a profound impact as purchase decisions are influenced by social media, peer reviews, influencer marketing, and traditional marketing, and even many purchases themselves are made consumer-to-consumer. Athletic wear is the only category where record growth rates look to slow down slightly in 2018, as the athleisure trend has reached its peak in some mature markets. The State of Fashion 2023: Holding onto growth as global clouds gather. Member-News DNA markers can verify recycled cotton. Indeed,fashion executives across different value segments have cited plans to increase prices in 2022, with an average expected rise of 4 % in luxury, 2 % in mid-market and 5 % in value, according to the BoF-McKinsey State of Fashion 2022 Survey. No company will get through the pandemic alone, and fashion players need to share data, strategies, and insights on how to navigate the storm. A record 69 percent of companies were value destroyers in 2020, according to the latest reading of the McKinsey Global Fashion Index (MGFI), compared with 61 percent in 2019 and just 28 percent in 2011. How Digital Product Passport will reshape the fashion industry for good: Lifestyle Innovation Day 2023 The Digital Product Passport is increasingly becoming a hot topic, and several fashion companies are implementing it, with different applications as needed. Although they are written off by some as too 20th century, we take a more constructive view. Meanwhile, extreme weather is negatively affecting supply chains and raw materials across Asia. Event name: Vibin'. This need for speed is driven partly by social media accelerating the movement of fashion trends to the masses, and by industry leaders using analytics and customer insights to meet customer needs better and increase responsiveness. The report includes the third readout of our industry benchmark, the McKinsey Global Fashion Index. This button displays the currently selected search type. Stock-market valuations of tech players have reached dizzying levels, reminiscent of the dot-com boom of the early 2000s, while a number of private companies have reached unicorn status. Physical retail has been under historic levels of pressure. No one would put money on volatility and uncertainty lessening. Consumers are adjusting their behaviors, as many trade down to cheaper or discounted items to reduce their spending, though the luxury sector will remain strong, with affluent consumers less heavily affected by inflation. Widespread store closures for an industry reliant on offline channels, coupled with consumer instinct to prioritize necessary over discretionary goods, hit brands bottom lines and depleted cash reserves. McKinsey: The State of Fashion 2023 Meer informatie Volg deze organisator en blijf op de hoogte van komende evenementen Door Flanders DC Evenementen die je mogelijk leuk vindt Fashion & Beauty Congress Fashion & Beauty Congress Thu, May 11, 10:00 AM Shopping Stadsfeestzaal Antwerpen 556,98 Nidem Dito Fashion show Nidem Dito Fashion show All this comes against a backdrop of the fashion industry having turned a corner in 2018, with increased growth justifying the optimism expressed in last years global fashion survey. This week, why the fashion industry is likely to remain in a state of flux in 2023. Equally, consumers and advocates are calling for the industry to become more inclusive. Speculation and uncertainty over the repercussions of the US election outcome could further dampen consumer sentiment and affect sales. With its clearly defined value proposition, the value segment has been taking share from discount this year. The State of Fashion 2023 is an annual report, prepared by The Business of Fashion (BOF) and McKinsey & Company, which aims, primarily, to inform fashion industry executives and brands the incoming trends, challenges and issues in the coming year, and the main actions to prioritize them to succeed. In response, many have turned to remedies that include more nearshoring, in-store supply stocking, and agile operating models designed to respond flexibly to change. Imran Amed is the founder, editor-in-chief, and CEO of the Business of Fashion and an alumnus of McKinseys London office, where Anita Balchandani is a senior partner; Sarah Andr is a consultant in the Paris office; Achim Bergis a senior partner in the Frankfurt office; and Felix Rlkens is a partner in the Berlin office. Anita Balchandani is a partner in McKinseys London office, where Shrina Poojara 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 Rlkens is an associate partner in the Berlin office. Anita Balchandani is a partner in McKinseys 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 Rlkens is a consultant in the Berlin office. As part of those efforts, some are leveraging digital product passports. Member News Rieter posts exceptionally high order intake. Regardless of size and segment, players now need to be nimble, think digital-first, and achieve ever-faster speed to market. Imran Amed is the founder, editor-in-chief, and CEO of The Business of Fashion. Looking forward, our base case is cautiously optimistic, with the virus more effectively controlled over the coming year, thanks to a strong public-health response.2McKinsey analysis. Supply chains remain disrupted from the COVID-19 pandemic, elevating the need to invest in faster and geographically closer manufacturing systems. Three roadblocks to making circular fashion work - and how to navigate them. Given the standout performance of digital channels in the current environment, we expect digital to remain kingin 2021. This fact is clearly borne out in the industrys financial performance. Exactly when this will happen is impossible to know for sure, except that it will, in all likelihood, be linked to the discovery of a workable antiviral treatment and delivery of a proven vaccine, which some experts say is at least 12 to 18 months away. We estimate that revenues for the global fashion industry (apparel and footwear sectors) will contract by 27 to 30 percent in 2020 year-on-year, although the industry could regain positive growth of 2 to 4 percent in 2021 (compared with the 2019 baseline figure). That said, the past years experience shows that consumers are resilient and that as economies recover, demand will follow suit. Luxury stands to grow by 9 percent to 14 percent in 2023, compared with non-luxury fashion categories, which are projected to see just 2 percent to 7 percent growth next year. Fashion leaders are also watching global headlines closely in the year ahead, as macroeconomic and political uncertainties continue to obstruct business operations and escalate reputational risk. As sustainability becomes a more urgent concern, brands need to ramp up their efforts to reflect customer values in their assortments, supply chains, and ways of working. This is in stark contrast to the fashion industrys performance over the previous decade, which saw the industry expand at 5.5 percent annually. Download The State of Fashion 2023, the full report on which this article is based (PDF21.5MB). In the coming 12 months, these efforts will gather pace, as in-app social commerce plays an increasingly important role. China and the United States are expected to fare better, growing between 2 and 7 percent and between 1 and 6 percent, respectively. 133 These price hikes are in part due to ongoing supply chain disruptions that will impact margins . Digital disruptors will face more cautious investors in the year ahead. Yet the . One reason that executives are not breaking out the bunting is that the outlook for the global economy is less rosythan it was a year ago. Download The State of Fashion 2019, the full report on which this article is based (PDF3 MB). However, the dual belonged to Starpoint with a final score of 37-27. March 15, 2023 3 mins read. Customers attention is also tuned to new channels. In many global regions, the business of fashion is set to pick up momentum in 2022, as consumers unleash pent-up buying power and dress to impress (where the pandemic allows). The war in Ukraine is of high concern to the industry, having already disrupted trade routes and triggered an energy crisis that will continue to have impact. It's partly the increasing number of people at elite schools going into tech or recruiting directly into the buyside, but the much larger force at play is that McKinsey, Bain, and BCG are growing 10-15% per year and enrollment at the top schools has barely increased, if it all. During the 49 weeks students in the state learned remotely, they only absorbed the equivalent of 19 weeks of schooling marking a 30 week loss of classroom time that was twice the national. Elon Musk says he will honour the results of a Twitter poll asking whether the should resign as head of the social media platform Companies that have performed the best over recent months tended to share at least one of two key characteristics (Exhibit 2). But these strategies will require careful execution to ensure that margins and brand reputations are protected. The bottom line going into 2022 is that the fashion industry faces a complex mix of challenges and opportunities, in which there is little room for missteps. Sales growth seems set to slow to a mere 2 or, at most, 3 percent by the close of 2016, with stagnating profit margins. They expect that inflation will undercut consumer demand, pushing shoppers to curtail fashion spending or trade down for less expensive products as their energy and grocery bills spike. Brands like SHEIN, Chewy, and Gymshark make the shortlist, proving the crushing power fashion brands hold in the ecommerce space. The average industry EBITA16To view exhibit, refer to The State of Fashion 2020. margin was 10.8 percent, a tick up on 2017 and the highest since 2014. With the COVID-19 pandemic dominating thoughts and minds, fashion executives are planning for a range of scenarios and hoping for a speedy global recovery. Over that period, the industry has grown at 5.5 percent annually, according to the McKinsey Global Fashion Index, to now be worth an estimated $2.4 trillion. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent of global fashion companies were not earning their cost of capital in 2018, we expect a large number of global fashion companies to go bankrupt in the next 12 to 18 months. The industry as a whole is embracing new opportunitieseven as dangers lurk. BoF and McKinsey's State of Fashion 2023 report states that resale is one of the three 'R's recommended for brands to explore in the face of financial instability "resale, rental and repair can be integrated into the value proposition to allow consumers to combine responsible and affordable consumption," it states. Even after witnessing waves of insolvencies, industry leaders will need to get comfortable with uncertainty and ramp up future-proofing efforts as the potential for further outbreaks and lockdowns loom. In all other regions and segments, executives are notably pessimistic, reflecting the potential challenges ahead (Exhibit 1).19To view exhibit, refer to The State of Fashion 2019. Mitglieder-News Climeworks holt fr Mammut CO2 aus der Luft. McKinsey analysis shows that fashion companies that now embed AI into their businesses models could see a 118 percent cumulative increase in cash flow by 2030. Honorable Brian J. Feldman, Chair . In 2023, the global fashion industry will need to weather inflation while finding opportunities in shifting consumer patterns, channel and digital marketing strategies, and manufacturing approaches. In August 2019, Kering CEO Franois-Henri Pinault spearheaded an industry-wide pact to achieve net-zero emissions by 2050. Decision makers have their work cut out to manage the demands of digital, sustainability, and the supply chain. They will need to develop risk mitigation strategies that can be implemented quickly as conflicts, fiscal policies, and government regulations evolve. While the luxury and sportswear sectors have dominated the industrys list of super successes in recent years, macroeconomic context might change that in the upcoming year. Its against this backdrop that McKinsey has teamed with the Business of Fashion to shine a light on the fragmented, complex ecosystem that underpins this giant global industry. Additionally, they will need to think critically about where they operate, looking beyond top-line growth potential when evaluating new and existing foreign markets. Sustainability, which breaks into our respondents list of the most important challenges for the first time, is evolving from a tick-box exercise into a transformational feature. Brands that can align with the dominant trends and continue to innovate are most likely to ride the challenges and emerge ahead of the pack. Only those brands that accurately reflect the Zeitgeist or have the courage to self-disrupt will emerge as winners. We see 2020 as being a watershed for Inclusive Culture, with diverse races, genders, and sexual orientations increasingly present across organizations and in leadership roles. State of Fashion 2022 Report by McKinsey & Co & BOF - FASH455 Global Apparel & Textile Trade and Sourcing State of Fashion 2022 Report by McKinsey & Co & BOF In December 2021, McKinsey & Co' and Business of Fashion (BOF) released its annual State of Fashion report. There is little doubt that 2021 will continue to be tough for many as the COVID-19 pandemic tracks an uncertain trajectory. This article is a collaborative effort by Imran Amed, representing views from the Business of Fashion, and Sarah Andr, Anita Balchandani, Achim Berg, and Felix Rlkens, representing views from McKinseys Retail Practice. It is quite a sobering read overall, but definitely worth a look! New NASCA Report in Collaboration with McKinsey & Company on Bridging Talent Gaps in State Government. Looking forward, we see more research into sustainable materials and technologies, as well as the circular economy. Dear Chair Feldman and Members of the Education, Energy, and Environment Committee: The report reveals the industry is headed for a global slowdown; the combination of the war in Ukraine, rising inflation, and supply chain pressures is creating a bleak . This article is a collaborative effort by Imran Amed, Anita Balchandani, Achim Berg, Saskia Hedrich, Jakob Ekelf Jensen, Leila Le Merle, and Felix Rlkens, representing views from McKinseys Retail Practice. Cathrine Matidza, director of fleet procurement at the Department of Trade, Industry and Competition, told a webinar that current legislation - which makes local content requirements optional for state organs . Based on McKinseys analysis of fashion forecasts, the luxury sector is expected to grow between 5 and 10 percent in 2023, driven by strong momentum in China (projected to grow between 9 and 14 percent) and in the United States (projected to grow between 5 and 10 percent). These players show that there is a great deal of industry value outside the spotlight, and the hidden champions too have much to offer alongside their listed counterparts. Around the globe, we expect more than 20 percent annual digital growth in 2021 (with 30 percent in Europe and the United States) compared with 2020.3McKinsey analysis. Reflecting in-depth research and numerous conversations with industry leaders, it reveals the key trends likely to shape the fashion business in the year ahead. However, their profit margins are expected to decline, especially after 2016, because of a pricing-arbitrage disadvantage across geographies and fluctuating foreign-exchange rates. The modern shoppers comfort with digital channels and content has created a complex customer journey across online and offline touchpoints. February 27, 2023 . Many of them have already undertaken significant cost cutting and restructuring, and they are now primed to capture the benefits. The sober mood among fashion executives surveyed in last years report has evolved over recent months into a strong determination to manage the industry through the COVID-19 pandemic. NIKE, Inc. reports fiscal 2020 fourth quarter and full year results, Nike, June 25, 2020, news.nike.com. Still, the industry faces significant challenges amid supply-chain disruption, patchy demand, and persistent pressure on the bottom line. Download The State of Fashion 2022, the full report on which this article is based (PDF14MB). And finally, brands will need to be more creative in marketing to attract customers through bold, differentiated content that cuts through a crowded digital environment in which data targeting is no longer effective. Reflecting in-depth research and numerous conversations with industry leaders, it reveals the key trends likely to shape the fashion landscape in the year ahead. The prevailing mood of fashion leaders is one of anxiety and concern. After a year in which the fashion industry posted record-low economic profits, business leaders are on the front foot, seeking to innovate while continuing to engage their core constituencies. Against the backdrop of increasing demand for Li-ion batteries across industries, McKinsey & Company projects that revenues along the entire value chain will increase fivefold, from about $85. They also need to invest in enhancing their productivity and resilience, as the outlook is uncertain. In response, leading fashion players are offering innovative business models, using granular customer insights as a source of differentiation, and pushing the limits of go-to-market times. ABIDJAN, Cte d'Ivoire, 15 mars 2023/APO Group/ -- Le ministre du Commerce, de l'Industrie et de la Promotion des PME, Souleymane Diarrassouba, a prsid, le mercredi 15 mars 2023 Abidjan-Treichville, la crmonie officielle de clbration de la 40me Journe mondiale des Droits des Consommateurs (JMDC) place sous le thme Autonomiser les consommateurs par une transition . Re: CHESSA Letter of Support for SB 663, Maryland Resilient and Clean Energy Homes Act . We predict that 2019 will be a year shaped by consumer shifts linked to technology, social causes, and trust issues, alongside the potential disruption from geopolitical and macroeconomic events. These developments take place at the same time as the fashion industry goes through other transformative shifts. As we move toward recovery, companies in the beauty segment have a chance to align with shifting category and regional opportunities. 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. Shoppers are also becoming more selective. About the event: Performances by popular music bands and artists like Nucleya, The Yellow Diary, Prateek Kuhad, and so on, only for young people aged between 13 and 26 years. The industry is not looking forward to 2020suggesting strategic clarity will be important. The bottom line is that amid this uncertainty and change, our analysis suggests cautious optimism is warranted. As I did last year,. These can be embedded in items to support after-use activities such as resale and recycling. Thats great news for consumers and for companies that can make sustainability real. The authors wish to thank Robb Young, the Business of Fashions global markets editor, for his contribution to this article. Imran Amed is the founder, editor-in-chief, and CEO of the Business of Fashion. Over that period, the top five performers by economic profit were Nike, Inditex, Kering, LVMH (including Tiffany), and Hermes. Although the fashion industry appears to be turning a corner, the rebound is not being felt evenly across the globe. This year, we are seeing real signs of change. The State of Fashion 2023: Resilience in the Face of Uncertainty, 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 2022s gains. In last years report, we did not publish our annual list of super winners, due to distortions and reporting gaps caused by the pandemic. Economic profit grew for the second year running in 2018, following consecutive annual declines from 2012 to 2016 (Exhibit 2).15To view exhibit, refer to The State of Fashion 2020. The main sources of growth are emerging-market countries across AsiaPacific, Latin America, and other regions; they are forecasted to grow at rates ranging between 5 and 7.5 percent in 2018 (exhibit).21To view exhibit, refer to The State of Fashion 2018. The following is a list of notable former employees of McKinsey & Company, a management consulting firm founded in 1926. Just as China inched through recovery, outbreaks worsened in Europe and the United States. Even as many customers reduce spending, brands have an opportunity to keep customers engaged through, for example, rental channels and off-price retailers. Worth a look the postcoronavirus world ( PDF14MB ) to Support after-use activities such as resale and recycling defined proposition... And segment, players now need to develop risk mitigation strategies that can make sustainability real continue be. One would put money on volatility and uncertainty over the previous decade, which the. 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