McKinsey news and archive

Navigating the new fashion landscape in 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...

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New York’s fashion industry is yet to recover, but what can be done to save it?

New York Fashion Week (NYFW) SS25 remains ongoing, and while previously cloaked in the shadows of its European counterparts, the increased presence of celebrity front-rowers and the inclusion of brands once dedicated to Paris or Milan could signal a return to its original status. The city’s wider industry has also been undergoing a revival after...

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Report forecasts uncertainty for the fashion industry in 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...

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McKinsey sporting goods report 2023: 'Preserve demand and build resilience'

The World Federation of Sporting Goods Industry (WFSGI) and McKinsey & Company have teamed up once again to present their annual sporting goods industry report. Its title highlights the need of the hour - “Sporting Goods 2023 – The need for resilience in a world in disarray”. The third edition of the report looks at the dynamics driving...

Fashion

Despite global recession, shoppers care about a product's environmental credentials

At the annual climate change conference, COP27 began with a dire message from the United Nations Secretary General, Antonio Guterres: “We are on a highway to climate hell with our foot on the accelerator.” While the fashion industry scrambles to reconcile its greenwashing of unattainable pledges to achieve net zero emissions by 2025 or even 2030...

Business

New report suggests metaverse could be five trillion dollar sector by 2030

A new report by McKinsey & Company has suggested that the metaverse’s potential economic value could see it generate up to five trillion dollars in impact by 2030. According to the management consulting firm, digital worlds are quickly becoming the biggest new growth opportunity for a number of industries over the next decade, including...

Fashion Featured

LuisaViaRoma enters resale market in partnership with Vestiaire Collective

LuisaViaRoma is launching a resale platform in partnership with second-hand luxury e-tailer Vestiaire Collective. The Italian fashion company will enable customers to sell pre-loved clothing from over 40 of its luxury brands, including Balenciaga and Dior, in exchange for gift cards that can be used within the online store. The initiative will...

Fashion |Report Featured

Fashion industry to double down on tech investment to stay competitive

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...

Fashion Featured

Will 2022 be the year of legislation for the fashion industry?

As fashion’s superpower brands recalibrate their retail footprints and prioritise environmental and social advancement, 2022 may be the year of legislation, forcing the industry to take responsibilities for its actions. With governments monitoring how fashion businesses operate, unsustainable practices will come with legal and financial...

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Circularity and the metaverse: 2022’s State of Fashion report is here

As it comes to the year’s end, businesses have started to detect the subtle light at the end of the covid tunnel. The pandemic has forced the fashion industry to adapt to a ‘new normal’ and the development in technology has contributed a significant impact to the direction fashion is progressing. Looking ahead to the not-so-near future, The...

Fashion Featured

The key trend at New York Fashion Week? Navigating an industry in flux

As the women’s ready to wear shows start off yet another digital season, what will happen to the fashion industry in 2021? Companies must pay attention to five trends that Covid-19 accelerated as our new normal, according to insights by McKinsey. These are a drop in demand, a substantial shift to digital shopping, renewed consumer attention to...

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Brands increase digital marketing spend, despite fall in revenue

Over two-thirds of businesses have seen a decrease in revenue since the start of the pandemic, according to a survey conducted by the Dublin-based Digital Marketing Institute (DMI). It comes as no surprise as brands and retailers, especially smaller businesses, have decreased their overall marketing spend and are channeling their advertising...