McKinsey news and archive

The key trend at New York Fashion Week? Navigating an industry in flux

As the women’s ready to wear shows start off yet another digital season, what will happen to the fashion industry in 2021? Companies must pay attention to five trends that Covid-19 accelerated as our new normal, according to insights by McKinsey. These are a drop in demand, a substantial shift to digital shopping, renewed consumer attention to...

Business

McKinsey and BoF find 90 percent profit decline for the fashion industry

The Business of Fashion and McKinsey Company have released a report examining the future of the 2.5 trillion dollar global fashion industry. The report forecasted a staggering 90 percent economic profit decline across the industry in 2020. This marks the worst year on record, while global fashion sales will decline 15 to 30 percent in 2020...

BusinessFeatured

Post lockdown luxury outlook

Back in April, at the start of a global lockdown in response to the coronavirus pandemic, analysts and experts warned of a new era to come for the fashion and luxury industries. Nine months later, at the onset of a second lockdown forcing retail closures in the U.K. and across Europe, almost no CXOs expect a return to normal, according to a...

Fashion Featured

New Fashion on Climate report urges all industry stakeholders to play their part

A new report by Global Fashion Agenda and McKinsey & Company called Fashion on Climate (2020) addresses all stakeholders in the fashion value chain, including brands, retailers, manufacturers, citizens, investors, and policy makers to play their part in reducing emissions and align with targets set out in the Paris climate accord. In 2018 the...

BusinessFeatured

Brands increase digital marketing spend, despite fall in revenue

Over two-thirds of businesses have seen a decrease in revenue since the start of the pandemic, according to a survey conducted by the Dublin-based Digital Marketing Institute (DMI). It comes as no surprise as brands and retailers, especially smaller businesses, have decreased their overall marketing spend and are channeling their advertising...

Fashion Featured

Top 10 challenges facing fashion in 2020

"Anxiety" and "worry". With those two words we could very well define the feelings with which the fashion world, and its top executives, face the year 2020. This situation is counterbalanced by the slight air of optimism with which some sectors, especially in the United States, were entering 2019. This is at least what the latest annual report...

Business |STUDY Featured

Sustainability is the new fashion must-have

Sustainable sourcing at scale is the fashion industry’s new must-have. Since 2016, searches for the Instagram hashtag #sustainablefashion have increased fivefold. More than half of the world's purchasing executives in the fashion industry consider sustainability to be one of their most important business strategies and it has become an...

Video

Video: Digital Landgrab | The State of Fashion 2019

The e-commerce war will continue, as digital players strive to become the platform of choice for both consumers and fashion companies. Source: Youtube, BoF, McKinsey

Video

Video: Radical Transparency | the State of Fashion 2019

Fashion companies must come to terms with consumer's desire for transparency across the supply chain, reveals McKinsey & Business of Fashion's report. Source: Youtube, BoF

Video

Video: The State of Fashion 2019

The state of fashion for 2019, as analysed and predicted by McKinsey and the Business of Fashion. Source: Business of Fashion, McKinsey, Youtube

Video

Video: The State of Fashion in 2019

The Business of Fashion x McKinsey Source: Business of Fashion, YouTube.

RetailFeatured

Many retailers are closing the wrong stores, says McKinsey

More than 7000 stores closed in the US in 2017, and the trend continues into 2018. As traffic in US shopping malls decreases, investment bank Credit Suisse forecasts 25 percent of all American malls to close by 2022. However, some companies may be choosing the wrong shops to close, according to a recent study by management consultancy firm...