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The State of Fashion 2024: Riding Out the Storm

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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