After years of exceptional growth fueled by surging demand, price increases, and the dominance of megabrands, the luxury industry is facing a significant slowdown. Between 2019 and 2023, the sector achieved a 5 percent annual growth rate, driven by record profitability and strong performance in China, but by 2025, macroeconomic headwinds and...
13 Jan 2025
The global fashion industry is bracing for a pivotal year in 2025, as structural changes in consumer behavior and macroeconomic headwinds force a fundamental rethink of traditional growth strategies. According to the latest BoF - McKinsey State of Fashion 2025 report, the industry faces a sobering reality: just 20 percent of executives expect...
11 Nov 2024
The fashion industry’s outlook has never been so uncertain, as geopolitical upheaval, climate challenges and nagging inflation keep markets unsteady. The new challenges in a post-covid climate directly impact consumer confidence, as highlighted in The State of Fashion 2024 report, a collaborative effort by McKinsey & Company and Business of...
29 Nov 2023
Last week Bored Ape Yacht Club, a non-fungible token (NFT) collection built on the Ethereum blockchain, sold the biggest metaverse NFT project to date, with over 320 million dollars of assets sold in one mint. The news comes as fashion companies are set to invest record amounts in technology, nearly doubling their stake from 1.6 percent in 2021...
3 May 2022
Inflation in the UK has risen to its highest level in 30 years, driven by a higher cost in clothing and footwear. Inflation in December 2021 soared to 5.4 percent. On average, the cost of goods saw increases of 6.9 percent compared to an increase in by 3.1 percent. Clothing prices rose an average of 0.7 percent in December compared to last year....
20 Jan 2022
The year 2020 will be regarded as a blip by many, but not by the media industry. Despite the grim realities of a global economy that will be the worst since the Great Depression, advertising weathered the storm relatively well and will end up at declining by “only” 5.8 percent on an underlying basis according to GroupM, WPP’s media buying...
7 Dec 2020
McKinsey has published new revenue estimates for the global fashion industry gripped by the coronavirus crisis. While even before the pandemic fashion leaders were on high alert with disrupted financial markets, upended supply chains, and crushed consumer demand across the globe, Covid-19 has accelerated the blow to both supply and demand....
21 Apr 2020
"Anxiety" and "worry". With those two words we could very well define the feelings with which the fashion world, and its top executives, face the year 2020. This situation is counterbalanced by the slight air of optimism with which some sectors, especially in the United States, were entering 2019. This is at least what the latest annual report...
30 Dec 2019
Redress, an environmental charity with aims to reduce textile waste in the fashion industry, pleased to provide a selection of external resources to support the understanding of fashion’s impact on the environment, from environmental impact, consumption, production, waste to economic impact. TEXTILE AND CLOTHING WASTE RATES • (Globally) Every...
25 Sept 2019
An exhibit featuring pieces from the Redress Design Awards 2018 opened at Fashion for Good Experience in Amsterdam. The diverse array of collections were made entirely from waste, ranging from the usual suspects of dead stock textile and surplus materials from manufacturing, to more unusual contributors such as furniture offcuts and sofa...
23 Jan 2019
The state of fashion for 2019, as analysed and predicted by McKinsey and the Business of Fashion. Source: Business of Fashion, McKinsey, Youtube
10 Dec 2018
