The eighth annual State of Fashion report by The Business of Fashion and McKinsey & Company reveals an industry navigating deep uncertainty. Download the full report to understand the 10 themes that will define the industry and the opportunities for growth in the year ahead.
As a whole, the fashion industry is predicted to achieve year-on-year retail sales growth of between 2 percent and 4 percent in the year ahead.
Macroeconomic, geopolitical as well as climate-crisis pressures will challenge the industry’s growth, with more than 50 percent of fashion executives surveyed planning to raise prices to bolster their businesses.
Surveyed leaders identify generative AI, sustainability and travel as offering pockets of opportunity for growth and innovation in 2024.
The State of Fashion 2024
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