Boston Consulting Group news and archive

Vestiaire Collective report: Second-hand market grows three times faster than new goods

According to a new study by the resale platform Vestiaire Collective and the Boston Consulting Group (BCG), second-hand fashion and vintage luxury products are projected to reach a market volume of up to 360 billion dollars by 2030, compared to the current 210 to 220 billion dollars. This represents an annual growth of 10 percent, a rate three...

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Fashion

Luxury Redefined: white paper analyses how brands can connect with today's consumers

The luxury industry has been having a hard time keeping up with their consumers - while wooing and educating them in the 2010s, it did not anticipate that they would outgrow their teachers. Hence, media brand Highsnobiety together with the Boston Consulting Group surveyed more than 6,6,710 consumers in eleven key markets - China, South Korea,...

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Business

Altagamma: future of luxury between top-tier, aspirational clients and high-potential countries like India and Thailand

Milan - Multi-brand retailers are facing a crisis. This is particularly true for those focused on clothing and leather goods, but not those in beauty and watches and necessitates an ever-closer relationship with customers. The luxury sector is experiencing a period of stagnant growth. There is also disaffection among aspirational consumers. This...

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Business

Fashion for Good & BCG: Demand for next-gen materials could outpace supply by 2030

“Materials lie at the heart of the fashion industry. They form the foundation of every garment, shaping the design, feel and functionality of the product. They also define the brand’s narrative and its appeal to consumers,” starts a new report published today and created by global sustainability initiative Fashion for Good together with the...

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Business

Agile supply chains: Shein, BCG and GoodOps discuss challenges and opportunities

As the fashion industry continues to grapple with the far-reaching impacts of the pandemic and new global challenges, it has become clear that the ability to swiftly respond to changes in the supply chain is a defining factor for companies to achieve success. Industry stakeholders from ultra-fast fashion player Shein, sustainability strategy and...

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Business

Retailers not on track to meet sustainability targets

A new report states that the retail industry must “work harder and faster” to make a meaningful impact to deliver on climate change commitments. Research from Boston Consulting Group (BCG) in partnership with the World Retail Congress, found that less than 20 percent of major retailers are on track to hit the Paris Agreement climate targets. The...

Retail

Sustainably-minded shoppers driving resale market growth

As consumers increasingly seek sustainable products, new research reveals that 69 percent of shoppers are now willing to purchase more secondhand pieces in the future and that consumers’ wardrobes will increasingly comprise secondhand clothing, from 21 percent in 2020 to 27 percent in 2023. That’s according to Vestiaire Collective and the Boston...

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Fashion

Sustainability progress “has slowed” reveals new data

According to new data from the Global Fashion Agenda (GFA), Boston Consulting Group (BCG) and Sustainable Apparel Coalition (SAC), the pace of sustainability progress in the fashion industry has “slowed” by a third in the past year and is not moving “fast enough to counterbalance the harmful impact of the fashion industry's rapid growth”. The...

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Retail

Fashion brands must improve digital marketing as online shopping grows

Consumers are growing more and more accustomed to buying clothes online, so much so that the share of e-commerce sales is set to grow from 20 percent today to 25 percent by 2020, according to a joint study by international marketplace Zalando and consultancy firm Boston Consulting Group (BCG). In this scenario, it is crucial for fashion brands...

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Retail

Half of global luxury shoppers buy at discount

Half of global luxury shoppers are partial to a bargain. According to the YouGov Affluent Perspective’s Global Luxury Retail Report 2018, half of all global luxury shoppers state they “only buy luxury when it is discounted.” The report, which focuses on the 56 percent of global affluents shoppers who purchase luxury products and services across...

Retail

Online impulse buys and high rates of offline shopping

The Boston Consulting Group has revealed in a new study that almost half of India’s urban population are now shopping online, making India’s e-commerce CAGR the highest in Asia. The five year compound annual growth rate (CAGR) for the Indian e-commerce market predicted for 2016 to 2021 is far higher than other Asian countries, as predicted by...

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Business|STUDY

Luxury brands must become digital or risk ‘dying out’

London - Luxury brands which fail to evolve their digital front risk getting left behind as digital is the "inevitable, inescapable business shift of the future." Although some companies, such as LVMH, are beginning to invest in the digital domain, being digital means so much more than just ecommerce, and luxury labels who refuse to do so will...