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Accompanying report helps navigate new GFA Fashion Impact Toolkit

A new Fashion Impact Toolkit, presented by the Global Fashion Agenda (GFA) and Deloitte at the Global Fashion Summit in June, wants to share a meaningful inventory of industry impacts for guidance on strategy assessment. But how to use it? And what are some of the key findings from the impact inventory? An accompanying report, published...

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Global Fashion Agenda and Deloitte launch new open-source Fashion Impact Toolkit

An new open-source and free to use toolkit has been developed by the Global Fashion Agenda (GFA) and Deloitte to share a meaningful inventory of industry impacts for guidance on strategy assessment. It keeps fashion sustainability teams in mind to help them understand, measure and leverage large amounts of data to drive positive change,...

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Pre-owned watch market normalises after the speculative boom

Zurich – The frenzied demand for pre-owned watches has subsided, but the market continues to organise itself and grow faster than that of new watches, according to a study published on Thursday by Deloitte. The pre-owned watch market had accelerated in the wake of the Covid-19 pandemic before experiencing a sharp reversal, but remains poised for...

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Deloitte under investigation for handling of Joules audit

The Financial Reporting Council (FRC) in the UK has begun an investigation into the audit conducted by Deloitte of the consolidated financial statements of Joules Group for the year ended May 30, 2021. The investigation, which will be conducted by the FRC’s Enforcement Division, was decided upon during a meeting of the organisation’s Conduct...

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Fashion|Technology

Deloitte helps brands deliver metaverse experiences

Global audit and advisory firm Deloitte has launched an immersive experience platform in partnership with technology provider Vatom. The two companies have created a tangible experience to enable brands (and other businesses) to build virtual spaces for their customers, partners and employees. In essence, they have made the Metaverse accessible....

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Fashion

Gen Z driving the second-hand luxury watch market

Swiss watches are in high demand these days, but sales of second-hand timepieces are also booming, driven by Generation Z buyers who want luxury goods but are also sustainability-minded. The global second-hand watch market is estimated at nearly 20 billion Swiss francs (21.7 billion dollars) and could reach 35 billion francs by 2030, according...

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Luxury's resilience: Top 100 luxury goods companies generated 250bn dollars in revenue in 2020

The world’s top 100 luxury goods companies generated revenues of 252 billion dollars in 2020, down from 281bn the previous year, but net profit margins of the top 81 companies was down only 5.1 percent. The data was released by Deloitte’s annual Global Powers of Luxury Goods 2021 report, which states the pandemic was the catalyst for change as...

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The world's top 10 luxury companies generate more than half of all global luxury sales

A new report assessing the global powers of luxury sees just 10 companies take more than half of all global luxury sales of the total top 100 companies it analysed. In a report by Deloitte, Global Powers of Luxury Goods 2020, the world’s top 100 luxury goods companies generated revenues of 281 billion dollars in 2019. The top 10 companies, which...

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Retail

Deloitte forecasts two potential holiday scenarios

Deloitte has released its annual holiday retail forecast report. It is expected that holiday sales are likely to increase between 1 and 5 percent, and Deloitte's overall sales forecast between 1,147 and 1,152 billion dollars during the period of November-January. E-commerce sales are projected to grow from 25-35 percent year-on-year (YoY) during...

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Retail

Pre-Christmas discounting reaches all time high

Pre-Christmas discounting has reached an all-time record, according to research from Deloitte. An average of 43.8 percent discount is currently applicable across all retail, but could top 50 percent by Christmas Eve. Mid- and end-of-season autumn sales into December, combined with a record Black Friday promotional period, has set the precedent...

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Ted Baker and the 25 million pounds missing stock mystery

Retailers and fashion companies sitting on unsold stock is commonplace news. Back in 2018 reports of high street retailer H&M’s mounting inventory worth 4.3 billion dollars showed a volatile fast fashion industry struggling to reconcile expansion, high volume production and changing consumer habits. But it is not just unsold stock that is...

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Millennials whose financial position improved will spend more on trends, mainly apparel

New York – A recent study shows that out of all consumer whose financial position has improved in the last year, Millenials were the most likely generation to increase spending on consumer products. Within the apparel segment, consumers are favouring value brands, those with strong value proposition, such as fast fashion, quality/price,...