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The State

of Fashion 2020
2

The State of Fashion 2020

The State

of Fashion 2020
4

The State of Fashion 2020

CONTENTS

Executive Summary

1011

Industry Outlook 1215

Global Economy

1831

01: On High Alert

19

02: Beyond China

23

Southeast Asia: A Region of Nuanced Opportunity

26

Russia: Signs of Resurgence in a Polarised Market

28

The GCC: A Region in Transition

30

Consumer Shifts

3259

03: Next Gen Social

33
Want to See the Future of Social Media? Look to Asia. 37

04: In The Neighbourhood

43

Executive Interview: Pete Nordstrom

46

Unlocking the Power of Stores

50

05: Sustainability First 52

The Future of Upcycling: From Rags to Riches

56

Fashion System

6087

06: Materials Revolution 61

Fashion's Biological Revolution 64

07: Inclusive Culture

66

Executive Interview: Annie Wu

70

08: Cross-Border Challengers 73

Executive Interview: Wang Mingqiang

76

09: Unconventional Conventions 79

Executive Interview: Rafiaello Napoleone 82

10: Digital Recalibration

85

McKinsey Global Fashion Index

8899

Glossary and Detailed Infographics

100

End Notes

102
MGFI

GLOBAL

ECONOMYCONSUMER

SHIFTSFASHION

SYSTEM

6

The State of Fashion 2020

7

For the fourth year in a row,

The Business

of Fashion and McKinsey & Company have teamed up to bring our trademark rigour and evidence to debates within the global fashion industry and to provide an authoritative annual picture of The State of Fashion. This is now a knowledge base that we build on every year, identifying the key themes and business imperatives shaping the industry while tracking the ways in which fiuctuations in the world economy feed through into fashion.

And this coming year - perhaps more so

than any year since we started - will see fiuctua- tions in abundance. Our ?rst report was written in the aftermath of the Brexit vote and went to press the morning after Donald Trump had been elected president of the United States. The unfolding implications of both of these events continue to impact the fashion market.

The year ahead will open with the industry

in a state of high nervousness and uncertainty, with most executives across fashion and the wider business world bracing for a slowdown in growth in the global economy. Because fashion is a global business with global supply chains, industry players are anxious about the impact of tarifls and trade disputes. And in terms of digitisation and sustainability, the fashion industry is still playing catch-up as the challenges in these areas become more complex. Facing these interlinked hurdles means that not everyone can win. The battle for resources and talent continues to make it ever tougher for many mid-sized and smaller brands to compete.

So how to navigate these choppy waters?

Once again our global experts bring clarity to a

fragmented landscape of categories and segments, countries and companies by establishing a common understanding of the forces at work in fashion. This report sets out how well we are performing and identi?es the top priorities, both business and creative, for 2020. Through BoF's extensive expertise in fashion strengthened by global industry networks, we thread McKinsey's international perspective and analytical rigour.

We then bolster this with our survey of over 290

global fashion executives (more than ever before) and interviews with thought leaders and pioneers.

The report also includes the fourth readout of

our industry benchmark, the McKinsey Global

Fashion Index (MGFI): its extensive database of

companies allows us to analyse and compare the performance of individual companies against their peers, by category, segment or region.

Four years in, this is growing to become an

unrivalled resource.

Yet, while the coming year brings with it a

lot of uncertainty, exciting opportunities remain for those who can make sense of the noise and drive innovation accordingly. Whatever your interest in the industry - from silent investor to concerned consumer - this report tells you all you need to know about the state of fashion in 2020. - Achim Berg & Imran Amed

FOREWORD

Thomas Lohr

8

The State of Fashion 2020

CONTRIBUTORS

ACHIM BERG

Based in Frankfurt, Achim

Berg leads McKinsey's Global

Apparel, Fashion & Luxury

group and is active in all relevant sectors including clothing, textiles, footwear, athletic wear, beauty, accessories and retailers spanning from the value end to luxury. 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 sourc- ing-related issues.IMRAN AMED

As founder, editor-in-chief

and chief executive of

The Business of Fashion,

Imran Amed is one of the

fashion industry's leading writers, thinkers and commentators. Fascinated by the industry's potent blend of creativity and business, he began BoF as a blog in

2007, which has since grown

into the pre-eminent global fashion industry resource serving a five-million-strong community from over 190 countries and territories.

Previously, he was a

consultant at McKinsey in London.SASKIA HEDRICH

As global senior expert

in McKinsey's Apparel,

Fashion & Luxury group,

Saskia Hedrich works with

fashion companies around the world on strategy, sourcing optimisation, merchandising transfor- mation, and sustainability topics - all topics she is also publishing about regularly.

Additionally, she is involved

in developing strategies for national garment industries across Africa, Asia, and Latin

America.

FELIX RÖLKENS

leadership of McKinsey's

Apparel, Fashion & Luxury

group and 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 transformations.

ANITA BALCHANDANI

Anita Balchandani is a

Partner in McKinsey's

London o?ce, and leads the

Apparel, Fashion & Luxury

group in the United Kingdom.

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 disruptionsquotesdbs_dbs31.pdfusesText_37

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