The report is about 100 pages long, so I did all the legwork and packaged up the top trends for you. At the opposite end of the price spectrum is Primark, whose commitment to its core value proposition has made it a formidable competitor. We see local stores in particular building a role as partners in the digital revolution, helping customers touch, feel, and experience in convenient locations as they browse online and offline. Created in partnership with McKinsey & Company, the report anticipates that, due to the pandemic, companies will post a 90 percent drop in profit by the end of 2020 (in 2019, profits rose four percent). The mood among respondents to our executive survey is sober across geographies and price points, and the pockets of optimism seen last year in North America and the luxury segment have steadily evaporated. Strikingly, only 9 percent of respondents think conditions will improve next year, compared with 49 percent who said the same last year. Unleash their potential. percent in 2020 year-on-year, but positive growth of 1 to 4 percent in 2021. But those that align with the dominant trends – namely, sustainability, digitization, and innovation – are most likely to prevail. Even before the coronavirus disrupted financial markets, upended supply chains, and crushed consumer demand across the global economy, fashion-industry leaders were not optimistic about 2020. 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. Looking forward, we see more research into sustainable materials and technologies, as well as the circular economy. However, given the scale of investment required, it means nervous times for small and midsize players. Over 300 global fashion brands to open stores in India by 2020: McKinsey. Takeaways: The new State of Fashion 2021 report is based on two McKinsey fashion scenarios: a more optimistic “Earlier Recovery” scenario predicts that global fashion sales will decline by between 0 and 5 percent in 2021 compared to 2019, and a “Later Recovery” scenario would see sales growth decline by 10 to 15 percent next year compared… Even before the coronavirus disrupted financial markets, upended supply chains, and crushed consumer demand across the global economy, fashion-industry leaders were not optimistic about 2020. This series highlights the top trends in fashion for 2019 as identified by Business of Fashion and McKinsey & Company in their yearly State of Fashion report. When it comes to sustainability, the industry’s track record remains a source of concern. The McKinsey Global Fashion Index (MGFI) forecasts that fashion industry revenue growth will slow further in 2020—down to 3-4 per cent—slightly below the predicted growth for 2019. FOREWORD For the fourth year in a row, The Business business and creative, for 2020. The new State of Fashion 2021 report is based on two McKinsey fashion scenarios: a more optimistic “Earlier Recovery” scenario predicts that global fashion sales will decline by between 0 and 5 percent in 2021 compared to 2019, and a “Later Recovery” scenario would see sales growth decline by 10 to 15 percent next year compared with 2019. By the end of the year, luxury sales in China could be 8 to 13 percent higher than in 2019, according to McKinsey Fashion Scenarios. Economic profit grew for the second year running in 2018, following consecutive annual declines from 2012 to 2016 (Exhibit 2). “McKinsey … In its fifth annual State of Fashion report, The Business of Fashion and worldwide management consulting firm McKinsey & Company delivered its forecast for the 2021 outlook of the fashion … They are also most successful in attracting funding and talent, often leaving the rest to fight over scraps. In collaboration with McKinsey & Company, we were delighted to last week host an industry leaders’ reception to launch The State of Fashion 2018 report in Australia. 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, The headquarters of the Swarovski crystal empire are every bit as glitzy as you might expect -- but the sparkle can't distract …, This year has increased the importance of Chinese consumers to the luxury sector as the overall market has shrunk while …, Following the first post-Spring 2020 lockdown caused by the unprecedented global Covid-19 pandemic, many luxury hotels, stores in various destinations …, News collects all the stories you want to read. The 2020 McKinsey report on the state of fashion predicts that revenue growth will slow and that sustainability will continue to be a hot topic. The State of Fashion 2018 | Australia. Come to McKinsey to do the best work, with the best teams and truly be at your best. 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. In August 2019, Kering CEO François-Henri Pinault spearheaded an industry-wide pact to achieve net-zero emissions by 2050. Please use UP and DOWN arrow keys to review autocomplete results. Drawing on data including executive surveys, the report casts a bleak outlook for next year, forecasting a 3 to 4 percent decrease in global, fashion industry growth. 'Silver linings', 'Tailored Strategy' and 'Better Normal' are the keywords to reflect on from this comprehensive report. What will define the industry in the coming year? Anita Balchandani, partner at McKinsey & Co. Inc., discusses the global fashion industry, the trend she’s seeing and her outlook for the industry. Takeaways: The new State of Fashion 2021 report is based on two McKinsey fashion scenarios: a more optimistic “Earlier Recovery” scenario predicts that global fashion sales will decline by between 0 and 5 percent in 2021 compared to 2019, and a “Later Recovery” scenario would see sales growth decline by 10 to 15 percent next year compared… 'Silver linings', 'Tailored Strategy' and 'Better Normal' are the keywords to reflect on from this comprehensive report. The textile sector still represents 6 percent of global greenhouse-gas emissions and 10 to 20 percent of pesticide use. Our flagship business publication has been defining and informing the senior-management agenda since 1964. BoF-McKinsey State of Fashion 2020 Survey Proprietary joint survey by The Business of Fashion and McKinsey. Major shopping occasions such as Singles Day on November 11, 2020 and Chinese New Year on February 12, 2021 will likely see unique spikes in online sales. 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