What Anna Wintour’s Big Promotion Means for Condé Nast, The Radical Strategy That Drove Nike’s Pandemic Success, No Parties, No Problem: How Fashion Is Selling Holiday Clothes in 2020, Tim Blanks’ Top Fashion Shows of All-Time: Alexander McQueen Spring/Summer 2001, September 26, 2000, Africa’s Answer to Amazon on Balancing Speed with Discipline, Report: Rihanna Seeks $100M to Scale Savage x Fenty. State of the Province Address 2018 (Publication) 28 February 2018 . State of the Province Address 2019 (Publication) 27 February 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. The State of Fashion 2020 2 The State of Fashion 2020 The State of Fashion 2020 4 The State of Fashion Fashion in the 90s was dominated by simple styles, but full of patterns and colors. Download The State of Fashion 2020, the full report on which this article is based (PDF–7 MB). The State (and Future) of Digital Marketplaces Marketplaces are having a leapfrog moment. Perhaps you would be interested in our most recent articles. Last year, more than 1,875 fashion retailers shut down. Meanwhile some of the shifts we will witness in the fashion system such as the digital step change, in-season retail, seasonless design and the decline of wholesale are mostly an acceleration of the inevitable — things that would have happened further down the road if the pandemic had not helped them gain speed and urgency now. Source: Business of Fashion, McKin Fashion consumers will also have more buying power, as the number of potential customers is projected to grow to more than 1.2 billion by 2020. Companies surviving the immediate crisis will have made bold and rapid interventions to stabilise their core business before seeking out new markets, strategic opportunities and future pockets of growth in a global fashion industry undergoing dramatic transformation. State of the … But, the rise of digital marketplaces is an overnight success more than twenty years in the making. The fourth annual State of Fashion report by The Business of Fashion and McKinsey & Company forecasts slowing growth for the second year in a row and underscores a prevailing mood of anxiety and concern amongst senior fashion executives. The Business of Fashion and McKinsey & Company have now released The State of Fashion 2021, focusing on the themes, issues and opportunities impacting the sector. The prevailing mood among respondents to our executive survey is one of anxiety and concern. By causing blows to both supply and demand, the pandemic has brewed a perfect storm for the industry: a highly integrated global supply chain means companies have been under immense strain as they tried to manage crises on multiple fronts as lockdowns were imposed in rapid succession halting manufacturing in China first, then Italy, followed by countries elsewhere around the world. There may be a misspelling in your web address or you may have clicked a link for content that no longer exists. This will also be a time for collaboration within the industry — even between competing organisations. Social distancing has highlighted the importance of digital channels more than ever and lockdowns have elevated digital as an urgent priority across the entire value chain but, unless companies scale up and strengthen their digital capabilities in the recovery phase of the crisis, they will suffer in the longer term. The industry was already “On High Alert” and executives expressed pessimism across all geographies and price points in our annual report, The State of Fashion 2020, released late last year. The client is a leading wholesale Fast FASHION brand from los angeles who attends 10+ tradeshow events per year. The fast fashion giant’s chief executive is focusing on more sustainable business models to drive growth in the coming years. They need to cut across the purchase journeys of these digitally influenced consumers, looking LONDON, United Kingdom — Even before the coronavirus disrupted financial markets, upended supply chains and crushed consumer demand across the global economy, fashion industry leaders were not optimistic about 2020. The State of UX Design in 2021. The State of Fashion 2020. The Coronavirus Update to The State of Fashion 2020 outlines where we must focus once the dust settles. The State of Fashion 2020 Fashion leaders are not looking forward to 2020. Our Services. Rich-Poor Gap 8. Dress robes of the latest fashion trends 2020 . This year, projections reported by WWD place the number at just under 10,000, “up 53 percent from the number of doors that went dark amidst the Great Recession in 2008.”. Scroll. Click here to download the full report and explore the themes set to define the fashion ecosystem after the dust settles. The good news for fashion is that the majority of these new consumers are within the 16 to 24 and 25 to 34 age groups. Good thing our market research tools can keep up! With this special Coronavirus Update to The State of Fashion 2020, we have taken a stance on what our “new normal” will look like in the aftermath of this black swan event, analysing surveys, data and expert interviews to provide insight for fashion professionals as they embark on the 12- to 18- month period after the dust settles. 2 Th tat ashio 2020 oronaviru pdate CONTENTS Introduction 6 GLOBAL ECONOMY 01: Survival Instincts 10 CONSUMER SHIFTS 02: Discount Mindset 16 03: Digital Escalation 20 In-Depth: For Luxury, an Acceleration of the Inevitable 24 FASHION SYSTEM 04: Darwinian Shakeout 28 05: Innovation Imperative 32 In-Depth: Fashion Looks to China for a Glimpse of … Try watching this video on www.youtube.com, or enable JavaScript if it is disabled in your browser. To secure their future, companies must adapt to the new market environment by evaluating divestment and acquisition opportunities to strengthen their core and capture whitespaces that emerge from the reshuffle. Navigating this uncertainty will not be easy for fashion leaders. 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. Energy 14. d) Wholesale/Retail sales and e- commerce. report, The State of Fashion 2020, released late last year. The Business of Fashion and McKinsey & Company have now released The State of Fashion 2021, focusing on the themes, issues and opportunities impacting the sector. Just as China inched through recovery, outbreaks worsened in Europe and the US. In this year’s outlook, we explore convenience, what it means today, and how retailers can position themselves to take on the challenge. Facebook Twitter Linkedin … 2020 Fashion Revue Contestant Packet SEPTEMBER 6, 2020. As an industry, we are now on red alert. View The-State-of-Fashion-2020-final.pdf from MN 4224 at University of St Andrews. 4. Its principal aim remains to lay out the interconnectedness of the entire fashion ecosystem Soooooooo a lottttt is happening in the world as we know and this is part 2 of The State Of Fashion 2020 series i am doing. The State of Fashion 2020 CONTENTS Executive Summary 10—11 Industry Outlook 12—15 Global Economy 18—31 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 32—59 03: Next Gen Social 33 Want to See the Future of Social Media? Science and Technology 15. © 2020 The Business of Fashion. A freeze on spending is aggravating the supply-side crisis. b) The production of fashion goods by designers, manufacturers, contractors, and others. No company will get through the pandemic alone, and fashion players need to share data, strategies and insights on how to navigate the storm. Brands, suppliers, contractors and landlords should also find ways to share the burden. Due to this upheaval, the slow fashion concept will be considered as new entrant since it is only in the early stages of market establishment. Global Convergence of ICT 7. This joint report by The Business of Fashion and McKinsey & Company is an effort to advance the discussion beyond crisis management and immediate contingency planning, by outlining the areas where the industry must focus once the dust settles on the current crisis. Site Map There is NEVER a dull day in Fashion and oof is there so much tea spilling day after day! 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