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The State

of Fashion 2022

The State

of Fashion 2022
5

CONTENTS

EXECUTIVE SUMMARY 10?11

INDUSTRY OUTLOOK

12?17

GLOBAL ECONOMY

20?39

01: Uneven Recovery

How the Global Wealth Gap Is Impacting Fashion

02: Logistics Gridlock

Li & Fung: Facing up to Vulnerabilities in the Supply Chain

CONSUMER SHIFTS

40?63

03: Domestic Luxuries

JHSF: Betting Big on a Permanent Shift to Local Retail

04: Wardrobe Reboot

PVH: Harnessing Creativity to Cut Through the Noise

05: Metaverse Mindset

Gucci: Testing Luxury"s Opportunities in the Metaverse

FASHION SYSTEM 64?111

06:

Social Shopping

Snapchat: Enhancing the Social Shopping Experience 07:

Circular Textiles

Novetex: Encouraging Brands to Raise Their Game on Circularity Time for Fashion to Raise Its Sustainability Ambitions to Deliver on COP26 08:

Product Passports

Aura Blockchain Consortium: Uniting Rivals to Make Luxury

Goods More Traceable

09:

Cyber Resilience

Five Imperatives to Protect Fashion Businesses from Cyber Risk 10:

Talent Crunch

Farfetch: Adapting to the New Talent War

MCKINSEY GLOBAL FASHION INDEX

112?121

THE STATE OF BEAUTY 2021

122?129

MGFIBEAUTY

2022

GLOBAL

ECONOMYCONSUMER

SHIFTSFASHION

SYSTEM

6

The State of Fashion 2022

SASKIA HEDRICH

Saskia Hedrich is a global senior expert

in McKinsey's Apparel, Fashion &

Luxury group. She works with fashion

companies around the world on strategy, sourcing optimisation, merchandising transformation and sustainability topics and publishes regularly. Additionally, she is involved in developing strategies for national garment industries across Africa,

Asia and Latin America.

CONTRIBUTORS

ACHIM BERG

Achim Berg is a senior partner in

McKinsey's Frankfurt o?ce, and leads

McKinsey's Global Apparel, Fashion

& Luxury group. He is active in all relevant sectors including clothing, textiles, footwear, athletic wear, beauty, accessories and retailers spanning from value to luxury segments. As a global fashion industry and retail expert, he supports clients on a broad range of strategic and top management topics, as well as on operations and sourcing- related issues.IMRAN AMED

Imran Amed is one of the global fashion

industry's leading writers, thinkers and commentators, and is founder, chief executive and editor-in-chief of The

Business of Fashion

(BoF), a modern media company and the authoritative voice of the global fashion and luxury industries.

Imran holds an MBA from Harvard

Business School and a B.Com from McGill

University. He was born in Canada and

holds British and Canadian citizenship.

Previously, Imran was a management

consultant at McKinsey & Co.ANITA BALCHANDANI

Anita Balchandani is a partner in

McKinsey's London o?ce, and leads

the Apparel, Fashion & Luxury group in EMEA and the UK. Her expertise extends across fashion, health and beauty, specialty retail and e-commerce.

She focuses on supporting clients in

developing their strategic responses to the disruptions shaping the industry, particularly accelerating digital growth and delivering customer-led growth transformations.

JAKOB EKELØF JENSENfi

Jakob Ekeløf Jensen is an associate

partner in McKinsey's London o?ce, and is part of the leadership of McKinsey's

Apparel, Fashion & Luxury group. He

works with fashion and luxury companies as well as investors in the industry across

Europe, China and the US on topics such

as e-commerce, strategy, value creation, operating model and M&A. MICHAEL STRAUB

Michael Straub is an associate partner

in McKinsey's Hong Kong o?ce, and co-leads the Apparel, Fashion & Luxury practice in Greater China. He partners with global luxury, fashion and beauty clients in defining their growth and go-to- market strategies for China and other

Asian markets.

7

FELIX RÖLKENS

Berlin o?ce, and is part of the leadership

of McKinsey's Apparel, Fashion &

Luxury group. He works with apparel,

sportswear and pure play fashion e-commerce companies in Europe and

North America on a wide range of topics

including strategy, operating model and merchandising transformation. ROBB YOUNG

As global markets editor at

The Business

of Fashion, Robb Young oversees content from Asia-Pacific, the Middle East, Latin

America, Africa, the CIS and Eastern

Europe. He is an expert on emerging

and frontier markets, whose career as a fashion editor, business journalist, author and strategic consultant has seen him lead industry projects around the world.

LEILA LE MERLE

Leila Le Merle is an engagement manager

in McKinsey's London o?ce, and is part of the Apparel, Fashion & Luxury group. She works with fashion and luxury companies across Europe and the US on topics such as e-commerce, strategy, value creation and operating model.PAMELA BROWN

Pamela Brown is a partner in McKinsey's

New Jersey o?ce, and is part of the

leadership of McKinsey's Apparel,

Fashion & Luxury group in North

America. In this dynamic industry, she

partners with brands and retailers across categories and price points to tackle topics ranging from M&A strategy to growth acceleration and organisational transformations.

HANNAH CRUMP

As associate director, editorial strategy

at

The Business of Fashion, Hannah

Crump contributes to the execution of

special editorial projects, ranging from case studies to in-depth market reports.

With an extensive editorial background

in B2B and B2C publishing, she partners with industry experts to develop, edit and produce data-driven research and analysis for professionals in the global fashion industry.AMANDA DARGAN

As director of strategy at

The Business of

Fashion, Amanda Dargan manages the

execution of special projects and strategic initiatives spanning the company's creative and commercial divisions. With a background in private equity, she partners with internal and external stakeholders to identify and develop new business opportunities and optimise key internal operations. 8

The State of Fashion 2022

9

ACKNOWLEDGEMENTS

The authors would like to thank Emma Bruni and Dunja Matanovic from McKinsey's London and Oslo o?ces respectively for their

critical roles in delivering this report. We would also like to thank Abhishek Goel for his significant contribution to the MGFI article

this year.

A special thanks to all members of

The Business of Fashion

and the McKinsey communities for their contributions to the research and

participation in the BoF-McKinsey State of Fashion 2022 Survey, especially the many industry experts who generously shared their

perspectives during interviews. In particular, we would like to thank Claire Bergkamp, Daniela Ott, Daria Shapovalova, Geraldine

Steven Whitehead and Susan Scafidi. We'd also like to thank StyleSage and Lyst for their invaluable data sharing for this report.

The wider BoF team has also played an instrumental role in creating this report - in particular, Alexandra Mondalek, Amy Vien, Amy

Warren, Anna Rawling, Brian Baskin, Casey Hall, Chantal Fernandez, Chavie Lieber, Darcey Sergison, Diana Pearl, Emma Clark, Isolda

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