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The State

of Fashion 2019
2

The State of Fashion 2019

The State

of Fashion 2019

The State of Fashion 2019

Contents

Executive Summary

10

Industry Outlook 12

Global Economy

1837

Trend 1: Caution Ahead

19

Executive Interview: Joann Cheng 22

Trend 2: Indian Ascent

24

Executive Interview: Darshan Mehta

28

Trend 3: Trade 2.0

31
Global Value Chains in Apparel: The New China Eflect 34

Consumer Shifts

3869

Trend 4: End of Ownership

39

Executive Interview: Jennifer Hyman

42

Trend 5: Getting Woke

45

Executive Interview: Cédric Charbit 48

Trend 6: Now or Never

51

Executive Interview: Jefl Gennette

54

Digital Innovation Made Simple

58

Trend 7: Radical Transparency 60

Dealing with the Trust Defiicit

62

Fashion System

7091

Trend 8: Self-Disrupt

71

The Explosion of Small

74

Trend 9: Digital Landgrab

77

Executive Interview: Nick Beighton

80

Trend 10: On Demand

83

Is Apparel Manufacturing Coming Home?

86

McKinsey Global Fashion Index

9299

Glossary

100

End Notes and Detailed Infographics

102

Global EconomyConsumer ShiftsFashion SystemMGFI

Executive Summary

The State of Fashion 2019

The State of Fashion 2019 marks the third

year of an ongoing partnership between The

Business of Fashion and McKinsey & Company,

bringing analytical rigour and evidence to better understand the rapidly changing global fashion industry and providing an authoritative point of view on the state of fashion in the year to come.

Once again, our team of global experts

has conducted fresh research and analysis to bring clarity and precision to a fragmented and complex landscape of countries, companies, categories and segments. Our research establishes a common understanding of the forces at work in fashion; sets out how well the industry is performing; and identies where the top priorities, both business and creative are for 2019. Once again, we combine

BoF"s insider knowledge with McKinsey"s global

expertise and analytical rigour, and then survey more than 270 global fashion executives and interview many of the industry"s thought leaders and pioneers.

The State of Fashion 2019 also includes

the third read-out of our industry benchmark, the McKinsey Global Fashion Index (MGFI).

Its database of over 500 private and public

companies allows us to analyse and compare the performance of individual companies against their peers by category, segment or region. Now three years in, this is an unrivalled resource on which we continue to build.The year ahead is one that will go down in history. Greater China will for the rst time in centuries overtake the US as the world"s largest fashion market. It will be a year of awakening after the reckoning of 2018 — a time for looking at opportunities, not just challenges. In the US and in the luxury sector it will be a year of optimism; for Europe and for struggling segments such as the mid-market, optimism may be in short supply.

Far-sighted companies will make bold moves in

automation and AI, and will disrupt themselves before others do it for them. Consumers will make or break brands based on trust. And global economic and political trends hover over the whole picture.

In short, it"s going to be a bumpy ride. But

whatever your role — from boardroom executive to start-up founder to informed consumer — read on, and we"ll cushion the impact and tell you everything you need to know about the state of fashion in 2019.

— Imran Amed & Achim Berg

7

Foreword

Thomas Lohr

8

The State of Fashion 2019

Imran Amed

As founder, editor-in-chief and CEO 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-mil- lion-strong community from over 190 countries and territories. Previously, he was a consultant at McKinsey in London.

Johanna Andersson

Johanna Andersson co-leads the

Scandinavian Apparel, Fashion and

Luxury goods hub and has supported

companies in the sector ranging from luxury to value around the globe.

Johanna focuses on strategy, growth

and digital/omnichannel related topics.

Achim Berg

Based in Frankfurt, Achim Berg leads

McKinsey's Global Apparel, Fashion

& Luxury Practice and is active in all relevant sectors including clothing, textiles, footwear, athletic wear, 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 sourcing- related issues.

Saskia Hedrich

As global senior expert in McKinsey's

Apparel, Fashion and Luxury Group,

Saskia Hedrich works with fashion

companies around the world on strategy, sourcing optimisation, merchandising transformation, 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.

Anita Balchandani

Anita Balchandani is a Partner in

McKinsey's London o?ce, and leads

the Apparel, Fashion & Luxury Practice in the United Kingdom. Her expertise extends across fashion, health and beauty, department stores and specialty retail in Europe and North America.

She focuses on supporting clients in

developing their strategic responses to the disruptions shaping the retail industry today, especially in areas such as customer-led digital transformation.

Robb Young

As global markets editor of 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.

Contributors

9

Marco Beltrami

Based in London, Marco Beltrami is

part of McKinsey's Apparel, Fashion and Luxury Practice. He has supported apparel and beauty companies in the UK and Europe, on topics including strategy, mergers & acquisitions, and retail operations.

Dale Kim

Dale Kim is a consultant in McKinsey's

London o?ce, specialising in Apparel,

Fashion and Luxury. He has served global

companies ranging from fine jewellery to beauty, on topics such as strategy, operating models and M&A.

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 merchan- dising transformations.

Acknowledgements

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