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Ten key themes may help fashion companies adapt to increasing complexity

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Fashion forward

In the news

•

On the hunt. When faced with an “out of stock” message, luxury shoppers with cash to spare turn to fashion’s elite personal shoppers to help track down coveted items. These “sourcing” services, as they’re called, can cost more than the sales tax on a luxury good. But that hasn’t deterred high-end shoppers, even with the threat of a recession on the horizon. The business of tracking down in-demand apparel and accessories often relies on relationships with salespeople at luxury shops and department stores. [WSJ]

•

Dress for the metaverse. Stylists who dress humans in the physical world have found a new dimension to practice their craft: the metaverse. Metaverse users—who often purchase virtual clothes based on inspiration found in the real world—seek out these stylists, paying them to dress their avatars. While much of the metaverse is still nascent, fashion metaverse creators and companies are making hundreds of millions of dollars on virtual outfits. More than 62 million items of digital clothes and accessories were created on one popular gaming platform in 2022. [MIT]

Looking forward, we anticipate that the luxury sector—expected to grow between 5 and 10% in 2023—will outperform the rest of the industry.

On McKinsey.com

•

Forecasting fashion. In 2023, the global fashion industry will contend with the effect of inflation on consumers. Fashion executives are pessimistic about the year ahead, with 97% saying that they expect their cost of goods sold and SG&A expenses to increase, according to The State of Fashion 2023, a joint report from the Business of Fashion and McKinsey. While the fashion industry faces a tough climate, many brands are in a stronger position than they were a year ago, explain McKinsey senior partners Anita Balchandani and Achim Berg and their coauthors.

•

Ten themes. Ten emerging consumer trends should help industry leaders make sense of the year ahead. As one example, gender-fluid fashion is gaining greater traction amid changing consumer attitudes toward gender identity and expression. The blurring of the lines between men’s wear and women’s wear may require rethinking product design, marketing, and shopping experiences. In addition, formal wear is being reinvented, as consumers may be inclined to rent or buy statement-making outfits for special occasions. See ten key themes in fashion.

Discover the future of fashion

— Edited by Alexandra Mondalek, editor, New York

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:41 - 11 Jan 2023

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What we can expect in tech in 2023 according to McKinsey leaders

Set the stage for a successful 2023

Ten key themes may help fashion companies adapt to increasing complexity

Fashion forward

In the news

Looking forward, we anticipate that the luxury sector—expected to grow between 5 and 10% in 2023—will outperform the rest of the industry.

On McKinsey.com

Archives

in

info@learn.odoo.com

What we can expect in tech in 2023 according to McKinsey leaders

Set the stage for a successful 2023

Ten key themes may help fashion companies adapt to increasing complexity

Fashion forward﻿

In the news

Looking forward, we anticipate that the luxury sector—expected to grow between 5 and 10% in 2023—will outperform the rest of the industry.﻿

On McKinsey.com

Fashion forward

Looking forward, we anticipate that the luxury sector—expected to grow between 5 and 10% in 2023—will outperform the rest of the industry.