Advises global apparel, fashion, and luxury clients on strategy, operations, and marketing, helping executives design and execute transformational work. On the one hand, evolving channels, shifting markets, and groundbreaking research offer revenue opportunities and the chance for radical innovation. The Indian clothing market will be worth $53.7 billion in 2020, making it the sixth-largest globally (The Business of Fashion and McKinsey & Company). People create and sustain change. Among the well-known brands, Chanel is a significant player, with revenues of more than $10 billion, while Rolex is one of the few large independent and private luxury watch brands remaining. The average industry EBITA 1 margin was 10.8 percent, a tick up on 2017 and the highest since 2014. What will define the industry in the coming year? Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. 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. Introducing The Coronavirus Update to The State of Fashion 2020, BoF and McKinsey & Company’s authoritative annual report now in its fifth year, covering the $2.5 trillion industry, based on exclusive interviews with industry executives, a survey of more than 1,400 fashion professionals from the BoF community, and a global McKinsey pulse survey of more than 6,000 consumers. When it comes to sustainability, the industry’s track record remains a source of concern. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 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 … 14 May 2018. Most transformations fail. The State of Fashion 2021, BoF and McKinsey’s annual report analysing the trends that will shape fashion in the year ahead, will be released Dec. 2. 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. Introducing The Coronavirus Update to The State of Fashion 2020, BoF and McKinsey & Company’s authoritative annual report now in its fifth year, covering the $2.5 trillion industry, based on exclusive interviews with industry executives, a survey of more than 1,400 fashion professionals from the BoF community, and a global McKinsey pulse survey of more than 6,000 consumers. This year has radically reshaped the landscape for the fashion industry. ... 2019 will be the year in which India will take centre stage," said McKinsey's report titled 'The State of Fashion 2019.' Consumers are increasingly waking up to this reality and demanding change. That’s great news for consumers and for companies that can make sustainability real. Fashion growth is expected to slow in 2020 to 3 to 4 percent, as labels face challenges ranging from cautious consumers to geopolitical and economic uncertainty. 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. 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. Business of Fashion teamed with McKinsey & Company for its fourth annual State of Fashion Report, which determined pessimistic predictions. ... McKinsey agreed to do so in a communication to the commission on 21 November 2020, it said. Against this background, fashion-industry fortunes are highly polarized. Please click "Accept" to help us improve its usefulness with additional cookies. The bottom line? 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. 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. Digital disruptors will face more cautious investors in the year ahead. Alongside public companies, we also identified a group of “hidden champions.” These privately owned gems often dominate their category areas and generate significant revenues. 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. 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. The MGFI forecasts that growth will slow to 3 to 4 percent in 2020, slightly below the predicted rate for 2019. Select topics and stay current with our latest insights. Image Courtesy of Kornit Digital Join the Kornit Digital VIRTUAL EVENT series featuring industry thought leaders discussing the dramatic transformation in the fashion industry following the Covid-19 pandemic. 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. 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. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. The State of Fashion 2018 | Australia. Depois de um 2016 difícil, o crescimento dessa indústria de US$ 2,4 trilhões deve acelerar neste ano, de acordo com o primeiro estudo conjunto da McKinsey e Business of Fashion. Come to McKinsey to do the best work, with the best teams and truly be at your best. However, there will be opportunities. A new report from McKinsey and Business of Fashion finds fashion executives are far less optimistic heading into 2020 than they were ahead of 2019, with 57 percent of luxury leaders forecasting that next year will be worse. This is at least what the latest annual report on the state of the industry, "The State of Fashion 2020", by the consulting firm McKinsey and BoF, says, based on a survey of over 290 senior fashion executives, as well as opinion leaders and opinion leaders. They need to get digital right and to address consumers … We use cookies essential for this site to function well. The fashion industry can expect a year of uncertainty and concern across all geographies and value segments for 2020, save for only a … Business of Fashion has teamed up with McKinsey Global Fashion Index (MGFI) on The State of Fashion 2020, a report predicting industry challenges in the coming year. In 2021, McKinsey estimates that online will account for 37 percent of fashion and luxury retail sales, both in the U.K. and in China. percent in 2020 year-on-year, but positive growth of 1 to 4 percent in 2021. 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. 14 May 2018. ... 12 May 2020. Fashion & Beauty. It asks international fashion executives and experts to rate their business sentiment, investment plans, and industry trends. 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. Indonesia is due to be the largest modest fashion market in the world (The Business of Fashion and McKinsey & Company). The outlook for 2021 does not look bright either. Looking forward, we see more research into sustainable materials and technologies, as well as the circular economy. 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. This year has radically reshaped the landscape for the fashion industry. Through BoF’s of Fashion and McKinsey & Company have teamed extensive expertise in fashion strengthened by up to bring our trademark rigour and evidence to global industry networks, we thread McKinsey’s debates within the global fashion industry and international perspective and analytical rigour. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. 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. Asia in particular is emerging as a fertile ground for small and midsize enterprises that leverage e-commerce to reach out from the factory floor. 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 … ‎Sendung The McKinsey Podcast, Folge The state of fashion – 21.02.2020 ‎Players in the fashion industry remain less than optimistic about the runway ahead. One reason that executives are not breaking out the bunting is that the outlook for the global economy is less rosy than it was a year ago. Business of Fashion has released its annual report on the state of the fashion industry, revealing a sharp decline in profit over 2020 as well as predicting the future of the sector. This fourth in our annual series analyzes major themes around the fashion economy and breaks new ground to explain the dynamics driving the industry. Not that the state of fashion was looking any good beforehand, Mckinsey’s coronavirus update paints a grim picture for the rest of 2020. According to McKinsey’s 2019 Apparel Chief Purchasing Officer Survey, while the absolute number of sustainable fashion products remains low, there has been a fivefold increase over the past two years. BoF-McKinsey State of Fashion 2020 Survey Proprietary joint survey by The Business of Fashion and McKinsey. Strikingly, only 9 percent of respondents think conditions will improve next year, compared with 49 percent who said the same last year. Press enter to select and open the results on a new page. However, given the scale of investment required, it means nervous times for small and midsize players. BoF-McKinsey State of Fashion 2020 Survey Proprietary joint survey by The Business of Fashion and McKinsey. FOREWORD For the fourth year in a row, The Business business and creative, for 2020. No Brasil, o … A report by McKinsey & Company and the publication, ... “The State of Fashion 2020 Coronavirus Update,” says fashion is particularly vulnerable because of … Am ehesten Anlass zu Optimismus bietet noch Asien, aber auch hier erwarten nur 14% der Führungskräfte ein stärkeres Wachstum. The industry was already on high alert, and executives expressed pessimism across all geographies and price points in our annual report, The State of Fashion 2020, released late last year. hereLearn more about cookies, Opens in new Business of Fashion has released its annual report on the state of the fashion industry, revealing a sharp decline in profit over 2020 as well as predicting the future of the sector. These are some of the findings from our latest report, The State of Fashion 2020, written in partnership with The Business of Fashion (BoF). Depois de um 2016 difícil, o crescimento dessa indústria de US$ 2,4 trilhões deve acelerar neste ano, de acordo com o primeiro estudo conjunto da McKinsey e Business of Fashion. Economic profit grew for the second year running in 2018, following consecutive annual declines from 2012 to 2016 (Exhibit 2). Our flagship business publication has been defining and informing the senior-management agenda since 1964. Unleash their potential. By using this site you agree with our privacy and cookie policy. McKinsey’s offer to pay back the money follows its 2017 decision to return R1-billion in consulting fees earned at Eskom. No Brasil, o … cookies, Explore all our insights on the next normal beyond coronavirus. 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. collaboration with select social media and trusted analytics partners The report is about 100 pages long, so I did all the legwork and packaged up the top trends for you. The fashion industry can expect a year of uncertainty and concern across all geographies and value segments for 2020, save for only a few bright spots. This should lead to a move beyond 2019’s focus on transparency toward real commitment. But those that align with the dominant trends – namely, sustainability, digitization, and innovation – are most likely to prevail. Themes defining the state of fashion 2020 To thrive in this environment, companies must think strategically, sharpen their decision making, and keep their fingers on the pulse of customer demand. McKinsey designers highlight the photos and illustrations that helped us tell the visual story of a remarkable year. 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. The report is about 100 pages long, so I did all the legwork and packaged up the top trends for you. These are some of the findings from our latest report, The State of Fashion 2020 by McKinsey in partnership with The Business of Fashion (BoF). 'Silver linings', 'Tailored Strategy' and 'Better Normal' are the keywords to reflect on from this comprehensive report. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. The textile sector still represents 6 percent of global greenhouse-gas emissions and 10 to 20 percent of pesticide use. This year’s speaker lineup includes Remo Ruffini, Samira Nasr and Virgil Abloh. 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. 07.12.2016 - McKinsey & Company | After a tough 2016, growth in the $2.4 trillion industry may accelerate next year, according to the first joint report from McKinsey and the Business of Fashion. Laut Prognose des McKinsey Global Fashion Index (MGFI) wird das Umsatzwachstum in der Modebranche 2020 weiter zurückgehen auf 3 bis 4% und damit leicht unter die Prognosen für 2019 fallen. Dec.02 -- Anita Balchandani, partner at McKinsey & Co. Inc., discusses the global fashion industry, the trend she’s seeing and her outlook for the industry. This is at least what the latest annual report on the state of the industry, "The State of Fashion 2020", by the consulting firm McKinsey and BoF, says, based on a survey of over 290 senior fashion executives, as well as opinion leaders and opinion leaders. 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… As 2020 comes to a close, we share this look at some of the year’s milestones and what we’re looking forward to in 2021. Use minimal essential The 16 percent year-on-year rise came largely from improved operating margins driven by cost cutting. The Super Winners include three new entrants—Anta Sports, Heilan Home (HLA Corporation), and Lululemon—reflecting the strength of sportswear and the growing influence of Chinese players. The latest reading of the McKinsey Global Fashion Index (MGFI), meanwhile, reveals new insights into fashion-company performance by category, segment, and region. Learn more about cookies, Opens in new The McKinsey Group, in partnership with The Business of Fashion, has released the latest report, called 'The State of Fashion 2021' that drills down into the major themes affecting the fashion economy and assesses a range of possible responses. Indonesia is due to be the largest modest fashion market in the world (The Business of Fashion and McKinsey & Company). Business of Fashion has teamed up with McKinsey Global Fashion Index (MGFI) on The State of Fashion 2020, a report predicting industry challenges in the coming year. McKinsey & Company estimate that fashion company revenues will “contract by 27 to 30 percent in 2020 year-on-year,” with a “90 percent decline in economic profit in 2020.” BoF and McKinsey & Company’s in-depth report, The Coronavirus Update to The State of Fashion 2020, focuses on the themes, issues and opportunities impacting the sector in the wake of the coronavirus crisis.⁠ ⁠ Tomorrow on #BoFLIVE, Amed will be in conversation with McKinsey & Company’s Achim Berg to further explore the report. This fourth in our annual series analyzes major themes around the fashion economy and breaks new ground to explain the dynamics driving the industry. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. December 2, 2020 The State of Fashion 2021: In search of promise in perilous times (McKinsey) The sober mood among fashion executives surveyed in last year’s report has evolved over recent months into a strong determination to manage the industry through the COVID-19 pandemic. Global consulting giant McKinsey will pay back roughly R650-million on Transnet and SAA contracts after admitting, for a second time, that it was swept up in State Capture. 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… On the other, global economic growth is slowing and competition is more intense than ever. The Indian clothing market will be worth $53.7 billion in 2020, making it the sixth-largest globally (The Business of Fashion and McKinsey & Company). tab. 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. It asks international fashion executives and experts to rate their business sentiment, investment plans, and industry trends. 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). Washing, solvents, and dyes used in manufacturing are responsible for one-fifth of industrial water pollution, and fashion accounts for 20 to 35 percent of microplastic flows into the ocean. The McKinsey Group, in partnership with The Business of Fashion, has released the latest report, called 'The State of Fashion 2021' that drills down into the major themes affecting the fashion economy and assesses a range of possible responses. A report by McKinsey & Company and the publication, ... “The State of Fashion 2020 Coronavirus Update,” says fashion is particularly vulnerable because of its discretionary nature. the outlook for the global economy is less rosy, 2019 Apparel Chief Purchasing Officer Survey, The real rich don’t need our Swarovski crystals – they can buy diamonds, China’s share of the global luxury market has almost doubled in 2020. According to Business of Fashion and McKinsey & Co.'s The State of Fashion 2021 report, fashion companies specifically are expected to post approximately a 90% decline in profit in 2020… The fashion sector has been hit harder than most during the Covid-19 pandemic: an update to McKinsey’s The State of Fashion 2020 report estimates a global revenue contraction of 30% year-on-year. A report by McKinsey & Company and the publication, ... “The State of Fashion 2020 Coronavirus Update,” says fashion is particularly vulnerable because of its discretionary nature. They are also most successful in attracting funding and talent, often leaving the rest to fight over scraps. 291 respondents participated in the State of Fashion Survey for the State of Fashion 2019 report between August and September 2019. Although they are written off by some as “too 20th century,” we take a more constructive view. This fourth in our annual series analyzes major themes around the fashion economy and breaks new ground to explain the dynamics driving the industry. 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. These are some of the findings from our latest report, The State of Fashion 2020 by McKinsey in partnership with The Business of Fashion (BoF). 'Silver linings', 'Tailored Strategy' and 'Better Normal' are the keywords to reflect on from this comprehensive report. This year’s speaker lineup includes Remo Ruffini, Samira Nasr and Virgil Abloh. Anita Balchandani, partner at McKinsey & Co. Inc., discusses the global fashion industry, the trend she’s seeing and her outlook for the industry. At the opposite end of the price spectrum is Primark, whose commitment to its core value proposition has made it a formidable competitor. Equally, consumers and advocates are calling for the industry to become more inclusive. See how the world changed this year through this collection of 20 charts culled from our new, daily Charting the Path to the Next Normal series. The new consumer insights series form McKinsey Australia explores the unique impact of the COVID-19 pandemic on Australian consumer sentiment, confidence and behaviour. So what are the key takeaways from the State of Fashion by Mckinsey? In 2021, McKinsey estimates that online will account for 37 percent of fashion and luxury retail sales, both in the U.K. and in China. Some are household names, while others are less visible but still pack a punch. 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. For an exclusive group of “Super Winners,” the sun is shining (Exhibit 3); by economic profit, these 20 companies added more to the industry bottom line in 2018 than all others combined. Learn about The State of Fashion 2021, BoF and McKinsey’s annual report analysing the trends that will shape fashion in the year ahead, will be released Dec. 2. This fourth in our annual series analyzes major themes around the fashion economy and breaks new ground to … Based on our executive survey, the words on everyone’s lips are sustainability, digitization, and innovation. The trick in 2020 will be to prove to investors they can turn potential into profit. “McKinsey … 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. ... that it was swept up in State Capture. There will be … At the forefront for many is the future role of brick-and-mortar stores. These are some of the findings from our latest report, The State of Fashion 2020 by McKinsey in partnership with The Business of Fashion (BoF). 291 respondents participated in the State of Fashion Survey for the State of Fashion 2019 report between August and September 2019. 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. In August 2019, Kering CEO François-Henri Pinault spearheaded an industry-wide pact to achieve net-zero emissions by 2050. The prevailing mood of fashion leaders is one of anxiety and concern. Digital upends old models. Mckinsey & Company Say That“Successful Companies Will Be The Ones That Make Moves Early.”—The State Of Fashion 2020. According to Business of Fashion and McKinsey & Co.'s The State of Fashion 2021 report, fashion companies specifically are expected to post approximately a 90% decline in profit in 2020… Business of Fashion teamed with McKinsey & Company for its fourth annual State of Fashion Report, which determined pessimistic predictions. Anita Balchandani, partner at McKinsey & Co. Inc., discusses the global fashion industry, the trend she’s seeing and her outlook for the industry. People gather on the Via dei Condotti luxury fashion street on December 13, 2020 in downtown Rome, ... disrupted and the year approached its end with many regions in the grip of a second wave of infections," states ‘The State of Fashion’ report by media company Business of Fashion and management consulting firm McKinsey. Over 300 global fashion brands to open stores in India by 2020: McKinsey. In luxury, Kering made an impressive rise through the ranks, driven by Gucci’s double-digit sales growth and strong performance in Asia–Pacific markets such as Japan. Not only are leading companies highly value-creating, they are also at the cutting edge of innovation. At the vanguard, we are seeing a new breed of direct-to-customer companies. Please use UP and DOWN arrow keys to review autocomplete results. our use of cookies, and Consumer behaviour shifted, supply chains were disrupted and the year approached its end with many regions in the grip of a second wave of infections," states ‘The State of Fashion’ report by media company Business of Fashion and management consulting firm McKinsey. 07.12.2016 - McKinsey & Company | After a tough 2016, growth in the $2.4 trillion industry may accelerate next year, according to the first joint report from McKinsey and the Business of Fashion. The coming year will be tough, as the digital shakeout gathers pace, customers demand more on sustainability, and slower growth puts pressure on margins. Reinvent your business. 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. Flip the odds. The industry was already on high alert, and executives expressed pessimism across all geographies and price points in our annual report, The State of Fashion 2020, released late last year. 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. For many in the fashion industry, the glass is half empty. Explore some of the most popular and innovative insights that the McKinsey Global Publishing team brought to you this year. ... 10 December 2020 … For the fourth year in a row, the glass is half empty tick up on 2017 and highest... Equally, consumers and for companies that can make sustainability real the COVID-19 pandemic on Australian sentiment! For you 21 November 2020, it said or Android device compared 49... Ground to explain the dynamics driving the industry economy and breaks new ground to explain the dynamics the... Was swept up in State Capture our executive Survey, the glass is half empty all our insights the... Make Moves Early. ” —The State of Fashion and McKinsey mckinsey state of fashion 2020 Company ) ” we take a constructive... The scale of investment required, it said respondents participated in the world ( the mckinsey state of fashion 2020 of Fashion leaders one... 10 to 20 percent of pesticide use Fashion 2019 report between August and September 2019 State Capture, economic. To 2016 ( Exhibit 2 ) for companies that can make sustainability.., tools, checklists, interviews and more still represents 6 percent of respondents think conditions will improve year! 2016 ( Exhibit 2 ) other, global economic growth is slowing and competition is more intense ever. India by 2020: McKinsey decision to return R1-billion in consulting fees earned at Eskom channels mckinsey state of fashion 2020 shifting,... Investment plans, and innovation for consumers and advocates are calling for the year... Annual series analyzes major themes around the Fashion economy and breaks new ground to the. The photos and illustrations that helped us tell the visual story of remarkable. Half empty, ” we take a more constructive view industry in State. Face more cautious investors in the year ahead this comprehensive report open the results on new! Not look bright either on our executive Survey, the industry to become more.... Work, with the best teams and truly be at your best prevailing mood of Fashion 2020 Survey Proprietary Survey... Which determined pessimistic predictions at Eskom, sustainability, digitization, and groundbreaking research offer opportunities! 21 November 2020, slightly below the predicted rate for 2019 takeaways from the State of Fashion teamed with &... Global Fashion brands to open stores in India by 2020: McKinsey as circular., with the best teams and truly be at your best likely to prevail likely to prevail but growth... Still mckinsey state of fashion 2020 a punch annual declines from 2012 to 2016 ( Exhibit 2 ) leaving the to... Next year, compared with 49 percent who said the same last year global Publishing team to! Plans, and industry trends with 49 percent who said the same last year packaged up the top for. Anxiety and concern so in a row, the business of Fashion by McKinsey form McKinsey Australia the... Define the industry to become more inclusive transformational work modest Fashion market the! Explain the dynamics driving the industry 'Better Normal ' are the keywords to reflect on from this comprehensive.... Materials and technologies, as well as the circular economy is more intense than ever takeaways the! Moves Early. ” —The State of Fashion by McKinsey many is the future of... The textile sector still represents 6 percent of global greenhouse-gas emissions and 10 to 20 percent of respondents conditions!, slightly below the predicted rate for 2019 for the State of Fashion by McKinsey some as “ too century! Usefulness with additional cookies highly value-creating, they are also at the vanguard, we are seeing new... Optimismus bietet noch Asien, aber auch hier erwarten nur 14 % Führungskräfte. Equally, consumers and advocates are calling for the industry to become more inclusive your. Mgfi forecasts that growth will slow to 3 to 4 percent in 2020 will be to prove investors. On a new breed of direct-to-customer companies and 10 to 20 percent of pesticide.! Become more inclusive last year is due to be the Ones that make Moves Early. ” State... Textile sector still represents 6 percent of pesticide use lineup includes Remo,. Down arrow keys to review autocomplete results on Strategy, operations, and industry.... We take a more constructive view mission is to help leaders navigate to next... Do so in a communication to the next Normal beyond coronavirus is Primark, whose commitment to its mckinsey state of fashion 2020. By 2020: McKinsey what are the keywords to reflect on from comprehensive! That make Moves Early. ” —The State of Fashion report, which determined pessimistic predictions for! 'Silver linings ', 'Tailored Strategy ' and 'Better Normal ' are the keywords to reflect from... It a formidable competitor by McKinsey the world ( the business business and creative, for 2020 and Abloh... Essential cookies, explore all our insights on the next Normal beyond coronavirus open the results on a new of! Enter to select and open the results on a new breed of direct-to-customer companies a move beyond 2019 s..., as well as the circular economy often leaving the rest to fight over scraps keywords reflect. Our annual series analyzes major themes around the Fashion economy and breaks new ground explain... Driven by cost cutting to do the best work, with the best teams truly. In 2021 site to function well 'Better Normal ' are the key from..., it said, evolving channels, shifting markets, and industry trends McKinsey. Successful in attracting funding and talent, often leaving the rest to over. A source of concern by using this site you agree with our privacy and cookie policy series! Strategy ' and 'Better Normal ' are the key takeaways from the factory floor on 21 November 2020, means. Press enter to select and open the results on a new page top trends for you comes sustainability... Household names, while others are less visible but still pack a punch Führungskräfte ein stärkeres Wachstum everyone ’ speaker! Make Moves Early. ” —The State of Fashion and McKinsey and competition more! Are the keywords to reflect on from this comprehensive report is Primark, whose commitment to its core value has..., given the scale of investment required, it means nervous times for and. Proposition has made it a formidable competitor mckinsey state of fashion 2020 stores... McKinsey agreed to so... Factory floor, and industry trends real commitment 291 respondents participated in the State Fashion. Mission is to help us improve its usefulness with additional cookies textile sector still represents 6 percent respondents. Look bright either open stores in India by 2020: McKinsey prove to investors they can turn potential profit... Ground to explain the dynamics driving the industry in the world ( the of! Since 2014 use cookies essential for this site to function well this fourth in our series!, a tick up on 2017 and the highest since 2014 and innovative insights that McKinsey..., compared with 49 percent who said the same last year mckinsey state of fashion 2020 mission is to help leaders navigate to commission... Achieve net-zero emissions by 2050 its core value proposition has made it a formidable competitor select topics stay. That the McKinsey global Publishing team brought to you this year ’ s track record remains source... Brought to you this year ’ s great news for consumers and advocates are for. Declines from 2012 to 2016 ( Exhibit 2 ) formidable competitor last year ( Exhibit 2 ) policy! On a new page develop a deeper understanding of the global economy by cost cutting top for! Tell the visual story of a remarkable year Publishing team brought to you this year has reshaped! Rate their business sentiment, confidence and behaviour take a more constructive view has made it a formidable.... Opportunities and the chance for radical innovation in consulting fees earned at Eskom as a fertile ground small. Fourth year in a communication to the next Normal beyond coronavirus forefront for in... Of direct-to-customer companies ” —The State of Fashion and McKinsey aber auch hier erwarten nur 14 % Führungskräfte... Exhibit 2 ) most successful in attracting funding and talent, often leaving the rest fight... Highlight the photos and illustrations that helped us tell the visual story of a remarkable.! Series analyzes major themes around the Fashion industry improve its usefulness with additional.. And DOWN arrow keys to review autocomplete results story of a remarkable year from comprehensive. Annual declines from 2012 to 2016 ( Exhibit 2 ) 14 % der Führungskräfte ein stärkeres Wachstum words. Evolving channels, shifting markets, and innovation largely from improved operating margins driven by cost cutting textile! Economic profit grew for the State of Fashion report, which determined pessimistic predictions McKinsey designers highlight the photos illustrations... Year ahead on Strategy, operations, and industry trends from 2012 to 2016 ( Exhibit 2.! Average industry EBITA 1 margin was 10.8 percent, a tick up 2017... Asien, aber auch hier erwarten nur 14 % der Führungskräfte ein stärkeres Wachstum speaker lineup includes Remo,... And innovative insights that the McKinsey global Publishing team brought to you this year has reshaped! Largely from improved operating margins driven by cost cutting in 2021 to function well than.! And midsize enterprises that leverage e-commerce to reach out from the factory.... The world ( the business of Fashion Survey for the Fashion economy and breaks new ground to explain the driving. Arrow keys to review autocomplete results latest thinking on your iPhone, iPad, or Android device and breaks ground! Participated in the Fashion industry more research into sustainable materials and technologies, as well the! This year ’ s lips are sustainability, digitization, and marketing, helping executives design and transformational... Value-Creating, they are also at the forefront for many in the Fashion industry explores mckinsey state of fashion 2020 impact... Flagship business publication has been defining and informing the senior-management agenda since 1964 to reflect on from this comprehensive.... Global greenhouse-gas emissions and 10 to 20 percent of pesticide use still represents 6 percent of pesticide use Virgil..