This entry was posted in Market & Industry reports and tagged Fashion, McKinsey, strategy, trends on 11/12/2019 by IESE Library. Download fashion’s most authoritative report here. 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? fashion business model is recently increasing, and more and more entrepreneurs establish new and prospering businesses under this concept [10]. fashIon revolutIon | IT’S TIme FOr A FASHION reVOLUTION 1 CredIts Written by sarah ditty with special thanks for words from l ucy siegle and research support from e milie schultz and Carry somers. Dire consequences for fashion, one of the biggest industries in the world generating $2.5 trillion in global annual revenues before the pandemic hit, entails joblessness or financial hardship for people across the value chain — from those harvesting the fibres used to make textiles to shop assistants selling the finished fashion product. ACKNOWLEDGMENTS PREFACE EXECUTIVE SUMMARY GLOBAL CHALLENGES 1. Science and Technology 15. This is to be turned in at judging, with a copy kept by the 4-Her. The fashion industry is constantly changing. The average market capitalisation of apparel, fashion and luxury players dropped almost 40 percent between the start of January and the 24th of March 2020 — a much steeper decline than that of the overall stock market. amanda.stade@sdstate.edu, 605.688.4167. As noted in our previous reports with themes on “Getting Woke,” “Radical Transparency” and “Sustainability First,” the consumer mindset was already showing signs of shifting in certain directions before the pandemic. This requires fashion retailers to adapt their marketing strategies to the changing environment. The five themes that will set the agenda once the dust settles are: Recovery from the pandemic will coincide with a recessionary market, compelling fashion players to ramp up resilience planning and adapt their operating models. 2020 Fashion Revue Contestant Packet SEPTEMBER 6, 2020. In contrast to last year, when there were pockets of optimism in North America and within the luxury segment, we now see pessimism across all geographies and price points. The Chinese market is worth US$862.6 billion in 2019, with Fashion being the biggest segment. Facebook Twitter Linkedin Reddit Tumblr Google+ Pinterest Vk Email. Key Insights: The European fashion industry registered the equivalent of six years' growth in online shopping penetration, rising from 16 percent of total sales in … the project. Revenues are expected to grow at a CAGR1 of 7.9% up to 2025, resulting in revenues of US$1,635.8 billion. Analysts predict1 that marketplaces around the world will account for 40% of the global online retail market by 2020. It is apparent that the fashion industry is just at the beginning of its struggle. A freeze on spending is aggravating the supply-side crisis. 2020, nearly half the fashion buyers will be digitally influenced. Unfortunately the content you’re looking for isn’t here. Our Client was looking to increase their tradeshow and boutique ship rate and better service their existing 5,000+ customer base. Humanitarian repercussions are expected to outlast the pandemic itself. No company will get through the pandemic alone, and fashion players need to share data, strategies and insights on how to navigate the storm. The coronavirus also presents fashion with a chance to reset and completely reshape the industry’s value chain — not to mention an opportunity to reassess the values by which we measure our actions. Read online The State of Fashion 2020 - McKinsey & Company book pdf free download link book now. Even online sales have declined 5 to 20 percent across Europe, 30 to 40 percent in the US and 15 to 25 percent in China. 6 10 14 20 74 80 The State of Fashion 2018 was created to provide a comprehen-sive view of the fashion industry. This update to the State of Fashion 2020 report by The Business of Fashion and McKinsey & Company forecasts consolidation, innovation and bankruptcies in the wake of this once-in-a-lifetime humanitarian and financial crisis. Analysts predict1 that marketplaces around the world will account for 40% of the global online retail market by 2020. PDF | Fashion trends come and go; meanwhile a society’s values are established and evolving characteristic to their beliefs and culture. 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. Global Convergence of ICT 7. State of Fashion is an international fashion platform that connects pioneers in fashion design, research and business, and shares their ideas and innovations with the world. 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. Facebook Twitter Linkedin … 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. 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. Download the full report. The State (and Future) of Digital Marketplaces Marketplaces are having a leapfrog moment. The report is available from the McKinsey website. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56% of global fashion companies were not earning their cost of capital in 2018, we expect a large number of global fashion companies to go bankrupt in the next 12 to 18 months. View The-State-of-Fashion-2020-final.pdf from MN 4224 at University of St Andrews. 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 … State of the Province Address 2019 (Publication) 27 February 2019 . H&M Group sank to a loss in the second quarter of 2020 as the pandemic caused sales to plummet 50 percent year-on-year, but it has since recovered faster than expected. Peace and Conflict 11. Click here to download the full report and explore the themes set to define the fashion ecosystem after the dust settles. We expect that themes of digital acceleration, discounting, industry consolidation and corporate innovation will be prioritised once the immediate crisis subsides. Download the full report to explore the 10 themes which will define the global fashion industry in 2020. Scroll. We estimate that revenues for the global fashion industry (apparel and footwear sectors) will contract by 27 to 30 percent in 2020 year-on-year, although the industry could regain positive growth of 2 to 4 percent in 2021. All rights reserved. But fast forward a few months and fashion’s outlook has gotten dramatically and suddenly bleaker. Due to this women fashion 2020, every woman has the chance to be sexy even at the workplace. mail at abc microsoft com1 microsoft way redmonda a a c a ae a a aaaai caaª a a ai i aaº12345 abcc a a a c seattle, mail at abc microsoft com1 microsoft way redmonda a a c a ae a a aaaai caª a a ai i aº12345 abcc a a a c seattle, mail at abc microsoft com1 microsoft way redmonda a a c a ae a a aaaai cª a a ai i º12345 abcc a a a c seattle. South Dakota State Fairgrounds, Huron SD Nordby Exhibit Hall for 4-H, Youth, and Community. For more information read our Terms & Conditions and Privacy Policy. Democratization 5. The State of Fashion 2020 Fashion leaders are not looking forward to 2020. The client is a leading wholesale Fast FASHION brand from los angeles who attends 10+ tradeshow events per year. Dutch Retailers Grapple With Sudden Christmas Lockdown, Shahi Exports’ Anant Ahuja on Reforming the Fashion Supply Chain, De Beers Raises Diamond Prices for First Time Since Pandemic, Facebook, Twitter Face British Fines if Fail on Harmful Content, Careers Counsel | How to Improve Your Communication Skills, Get Out of China’s Coercive Cotton Fields, Raf Simons Debuts Multidisciplinary E-Commerce Platform. Rich-Poor Gap 8. State of the Province Address 2017 (Publication) 01 March 2017 . And you can see and buy those styles mixed with contemporary flair today thanks to Kent State University alumnus, Adam Forrester, who recently designed pieces for the “Fresh Prince of Bel-Air’s” 30th-anniversary collection. The fast fashion giant’s chief executive is focusing on more sustainable business models to drive growth in the coming years. Convenience is more than a state of mind 9 For consumers, shopping in today’s environment is the most convenient it has ever been. 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. © 2020 The Business of Fashion. Education and Learning 10. As an industry, we are now on red alert. Water and Sanitation 3. But, the rise of digital marketplaces is an overnight success more than twenty years in the making. Perhaps you would be interested in our most recent articles. All books are in clear copy here, and all files are secure so don't worry about it. This requires fashion retailers to adapt their marketing strategies to the changing environment. In 2020 we have seen tech workers fired for organizing unions, designers laid off for reaching out to workers on the ground, and employees silenced at multiple levels by company leadership. Global Foresight and Decisionmaking 6. The State of Fashion 2020 2 The State of Fashion 2020 The State of Fashion 2020 4 The State of Fashion Good thing our market research tools can keep up! This will also be a time for collaboration within the industry — even between competing organisations. Are These Fashions Linked to Forced Labour? 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.”. Its principal aim remains to lay out the interconnectedness of the entire fashion ecosystem 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. Publication : www.mckinsey.com Date of Publication : November 19, 2019 Comments Off on The State of Fashion 2020: Navigating uncertainty. Category: The State of Fashion 2019. THe STATe OF THe INdUSTry A It’s tIme for a fashIon revolutIon whIte paper december 2015 . As deep discounting plagues retailers for the remainder of 2020, a decade-long build-up of bargain shopping culture will be exacerbated by a rise in anti-consumerism, a glut in inventory and cash-strapped consumers looking to trade down or turn to off-price channels. If stores remain closed for two months, McKinsey analysis approximates that 80% of publicly listed fashion companies in Europe and North America will be in financial distress. 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. But fast forward a few months and fashion’s outlook has gotten dramatically and suddenly bleaker. This report by McKinsey analyzes major themes around the fashion economy and breaks new ground to explain the dynamics driving the industry. To reach increasingly frugal and disillusioned consumers, brands must find inventive ways to regain value and rethink their broader business mission. Players need to be decisive and start putting recovery strategies into motion to emerge with renewed energy. Global Ethics STATE OF THE FUTURE INDE… Even after witnessing waves of insolvencies, industry leaders will need to get comfortable with uncertainty and ramp-up their future-proofing efforts as the potential for further outbreaks and lockdowns loom. Digital innovation, rising globalization, and changes in consumer spending habits have catapulted the fashion industry into the midst of seismic shifts. Indeed, consumer pessimism about the economy is widespread, with 75 percent of shoppers in the US and Europe believing that their financial situation will be impacted negatively for more than two months. But, the rise of digital marketplaces is an overnight success more than twenty years in the making. Energy 14. Once the dust settles on the immediate crisis, fashion will face a recessionary market and an industry landscape still undergoing dramatic transformation. 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