Today, The Business of Fashion (BoF) and McKinsey & Company released The State of Fashion 2023 on day two of BoF VOICES, BoF's annual gathering for industry big thinkers. Where there is positive momentum, the primary driver will continue to be digital channels, reflecting the trend established before the COVID-19 crisis and the reluctance of people in many countries to gather in crowded environments. This fact is clearly borne out in the industrys financial performance. Indeed, recovery is at the top of executives minds for the coming year, with 75 percent of luxury-segment executives, 61 percent of midmarket executives, and 50 percent of value executives expecting better trading conditions. Another is that Indiais on the riseits growing middle class, powerful manufacturing sector, and increasingly savvy tech have made it an essential destination for fashion companies. These can be embedded in items to support after-use activities such as resale and recycling. 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. 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. The report, the fifth in our annual series, drills down into the major themes affecting the fashion economy and assesses a range of possible responses. Thats great news for consumers and for companies that can make sustainability real. 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 ones that will succeed will have come to terms with the fact that in the new paradigm taking shape around them, some of the old rules simply dont work. Enlit Africa Launches 2023 Programme Headlines / March 17, 2023 / By Editor Enlit Africa (formerly known as African Utility Week and POWERGEN Africa) proudly presents its 2023 programme, which will run from 16 to 18 May at the CTICC in Cape Town. Achim Berg is a senior partner in the Frankfurt office. 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. Annapolis, Maryland 21401 . Qualifications. Perhaps unsurprisingly, 67 percent of executives said conditions for the fashion industry have worsened over the past 12 months. The prominence of luxury brands among the top performers was attributable to the economic resilience of wealthier demographics, leading to a continuing demand for bags, luxury jewelry, and ready-to-wear. Our first report, last year, laid the foundation for rigorous in-depth research and analysis, focusing on the themes, issues, and opportunities affecting the sector and its performance. Imran Amed, the founder, editor-in-chief, and CEO of the Business of Fashion, is an alumnus of McKinseys London office, where Anita Balchandani is a partner and Jakob Ekelf Jensen 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. Report Addresses Rising Challenges in Talent Acquisition Post-Pandemic LEXINGTON, KY, March 17, 2023 /24-7PressRelease/ -- Human capital management remains a top strategic focus for state . New York, USA, 16 March 2023-/African Media Agency(AMA)/Essential workers who kept families, societies and economies going while the world was on COVID lockdown, need better pay and conditions urgently, if countries are to future-proof themselves from the next global crisis, UN labour experts said on Wednesday. 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. Handbags and luggage, and to some extent watches and jewelry, are returning slowly to their historic highs, driven by demand in AsiaPacific. They will need to develop risk mitigation strategies that can be implemented quickly as conflicts, fiscal policies, and government regulations evolve. By: 24-7 Press Release. They need to get digital right and to address consumers increasingly concerned by the climate-change agenda. 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. With this special coronavirus update to The State of Fashion 2020, we have taken a stance on what our new normal will look like in the aftermath of this black swan event to provide insights (from analyzing surveys, data, and expert interviews) for fashion professionals as they embark on the 12- to 18-month period after the dust settles. 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. 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. Many industry players are in a stronger position than they were a year ago, however. 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 . Many of them have already undertaken significant cost cutting and restructuring, and they are now primed to capture the benefits. Brands are also turning to passports, married with distributed-ledger technologies, in the battle against counterfeiting. Only the discount segment is likely not to be part of the recovery trend. But we are now detecting glimmers of hope: executives report optimism (even amid uncertainty), and the McKinsey Global Fashion Index forecasts industry sales growth to nearly triple between 2016 and 2018, from 1.5 percent to between 3.5 and 4.5 percent. We see brands rethinking store formats and leveraging data and analytics to predict footfall, manage assortments, and built personalized offerings. Inflation and geopolitical concerns dominate the agenda for 2023, negatively affecting both consumer demand and brands operating costs. With the pandemic adding to the segments woes, many brands have embarked on strategic reviews or have compressed multiyear transformations into just a few months. Navigating this uncertainty will not be easy for fashion leaders. Despite a dip in margins, discount and luxury outperformed the wider market in 2020, while the midmarket continued to be squeezed. We also highlight the ten trends that will define the fashion agenda in 2019 (interactive). WASHINGTON, March 14, 2023 /PRNewswire/ -- GovExec, the leading information services and insights . Trip.com Group, together with Accor and McKinsey, launches whitepaper on sustainable travel in China and sets out series of industry and consumer recommendations. McKinsey expects global fashion sales growth of 5 percent to 10 percent for luxury and negative 2 percent to positive 3 percent for the rest of the industry in 2023. Authenticity and employee well-being will be more important than ever. Dear Chair Feldman and Members of the Education, Energy, and Environment Committee: Good Tuesday morning! The authors wish to thank McKinseys Johanna Andersson and Dale Kim, as well as the Business of Fashions Robb Young, for their contributions to this work. Companies have also been looking inward, implementing changes to the core operations that are reshaping the entire fashion system, from shortening the length of the fashion cycle to integrating sustainable innovation into the core product-design and manufacturing processes. Long-term leaders include, among others, Inditex, LVMH, and Nike, which have more than doubled their economic profit over the past ten years (Exhibit 2).20To view exhibit, refer to The State of Fashion 2019. March 14, 2023. When it comes to sustainability, the industrys track record remains a source of concern. McKinsey analysis, based on data from S&P Capital IQ. One size will not fit all. the fashion industry faces a complex mix of challenges and opportunities, the primary driver will continue to be digital channels, UN chief says coronavirus worst global crisis since World War II, The State of Fashion 2020: Coronavirus Update, Coronavirus offers a blank page for a new beginning says Li Edelkoort, the outlook for the global economy is less rosy, 2019 Apparel Chief Purchasing Officer Survey, a potential shake-up of global value chains, moving into a decisive phase of digital adoption, consumers expect a consistent brand experience, a shift in focus to a customer-centric model, consumers have become more demanding, more discerning, and less predictable in their purchasing behavior. However, there will be opportunities. Achim Bergis a senior partner in McKinseys Frankfurt office,Leonie Brantbergis an associate partner in the London office, andSaskia Hedrichis a senior expert in the Munich office. Based on our executive survey, the words on everyones lips are sustainability, digitization, and innovation (Exhibit 4).18Earnings before interest, taxes, and amortization. The authors wish to thank McKinseys Tiffany Chan and Marilena Schmich, as well as The Business of Fashions Robb Young, for their contributions to this article. This result may be critical for NYS dual meet tournament considerations later in January 2023. Those are some of the findings from our latest report, The State of Fashion 2021, written in partnership with the Business of Fashion (BoF). Amid these challenging dynamics, the imperative for brands will be to secure their recovery. Winners of the Federal 100 Awards will also be recognized for their accomplishments at the event . These developments take place at the same time as the fashion industry goes through other transformative shifts. As athletic wear continues to grow, it will become a category with the ability to compete on equal terms with clothing and footwear, particularly in the midmarket and premium segments. unpacks five areas that could see significant changes; the full report explores these areas in greater depth. The State of Fashion is now the largest and most authoritative overview of the industry, surveying more than 275 global fashion executives (approximately 30 percent more than last year) and interviewing thought leaders and pioneers. And woke consumers are also pushing for greater transparency into supply chainsand rewarding their favorite brands for taking controversial political stands. Growth has slowed in China, and major questions loom about the markets future trajectory. In 2021, the COVID-19 pandemic will accelerate industry trends, with shopping shifting to digital channels and consumers continuing to champion fairness and social justice. That offering will combine the best of human and automated servicesthe beginning of a truly bionic customer experience. Additionally, they will need to think critically about where they operate, looking beyond top-line growth potential when evaluating new and existing foreign markets. (For more, see our infographic on the ten trends that will define the fashion agenda in 2018.) The two-day summit also focused on topical debates regarding Reserve Management, fintech and Central Bank Digital Currency (CBDC) discussing key themes within the broader monetary policy environment, economic development, financial markets stability, social justice and environment sustainability and how we can all respond to providing solutions In North America, while overall consumer confidence is strong, the impact of policy changes is uncertain, and markdown pressures, market corrections, and store closures continue. These are just some of the findings from The State of Fashion 2023, a joint report from the Business of Fashion and McKinsey. 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. According to the McKinsey State of Fashion Survey, 56% of fashion executives expect conditions in the industry to worsen in 2023. However, there may also be new opportunities from growing southsouth trade and the renegotiation of trade agreements. As we move toward recovery, companies in the beauty segment have a chance to align with shifting category and regional opportunities. The prevailing mood of fashion leaders is one of anxiety and concern. Saskia Fairfull. Consumers in Southeast Asia spend about eight hours a day online on average. To thrive in this environment, companies must think strategically, sharpen their decision making, and keep their fingers on the pulse of customer demand. Brands can no longer plan on complete political neutrality as their global customer bases become more connected and outspoken. 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). McKinsey: The State of Fashion 2023 Event Ended Thu Dec 01, 2022 UrbanCity, 9 Ankerrui, Antwerpen, Belgium View Details Advertisement Women History Month Events in Miami CLANDESTINEMOOD SPORTY PARTY MIAMI Secret Location disclosed 24h before, Coconut Grove, Miami, United States Mar 16 Web3 Equity 1 Year Anniversary: The Journey Edition The average market capitalization of apparel, fashion, and luxury playersdropped almost 40 percent between the start of January and March 24, 20208McKinsey analysis, based on data from S&P Capital IQ. Against this background, fashion-industry fortunes are highly polarized. By segment, the most positive are executives from luxury brands, reflecting their strong growth trajectory in 2018. We predict a 5 to 10 percent sales growth in China in 2021 compared with 2019. On the consumer side, we foresee the end of ownership, as concerns about sustainability grow and consumers and companies alike worry about how to alleviate their impact on the environment. Successful companies will invest more to nurture local clientele: 2017 will be the year of organic growth by deepening relationships with existing clients, rather than through geographic, channel, and store-network expansion. Imran Amed is the founder, editor-in-chief, and CEO of the Business of Fashion and an alumnus of the London office. The report, the sixth in our series, discusses the major themes shaping the fashion economy and assesses a range of possible responses. In China, further COVID-19 outbreaks and the real estate crisis have undermined the regions growth trajectory, as well as disrupted supply chains. The State of the Ecommerce Fashion Industry: Statistics, Trends & Strategies to Use in 2023 by Michael Keenan 2PM reports that 13 of the top 20 direct-to-consumer (DTC) brands are in the fashion and apparel industry. Finally, amid rising competition for talentparticularly tech talentbrands need to find new ways to attract the best and brightest, with cybersecurity likely to be near the top of the agenda (Exhibit 2). Polarization continues to be a stark reality in fashion: fully 97 percent of economic profits for the whole industry are earned by just 20 companies, most of them in the luxury segment. Event name: Vibin'. With the majority of companies struggling to turn a profit, growth will be a key priority in the year ahead. +. Digital disruptors will face more cautious investors in the year ahead. Member-News DNA markers can verify recycled cotton. The 16 percent year-on-year rise came largely from improved operating margins driven by cost cutting. In fact, not only does it touch everyone, but it would be the worlds seventh-largest economy if ranked alongside individual countries GDP. 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