Reinvent your business. Indeed, according to McKinsey Global Fashion Index analysis, fashion companies will post approximately a 90 percent decline in economic profit in 2020, after a 4 percent rise in 2019. In fact, 2017 signals the end of an era. The interconnectedness of the industry is making it harder for businesses to plan ahead. 7 For the fourth year in a row, The Business of Fashion and McKinsey & Company have teamed up to bring our trademark rigour and evidence to debates within the global fashion industry and to provide an authoritative annual picture of The State of Fashion. Flip the odds. As the pace of industry change accelerates, having innovative and sustainable business models is increasingly important. En ella informa sobre las inversiones y la creación de valor de las empresas, las pérdidas ocasionadas por el Covid-19 y la evaluación de sus cotizaciones en Bolsa. McKinsey Global Fashion Index. The McKinsey Global Fashion Index forecasts that fashion industry revenue growth will slow further in 2020, down to 3-4 per cent, slightly below … The McKinsey Global Fashion Index forecasts industry sales growth to nearly triple between 2016 and 2018, from 1.5 percent to between 3.5 to 4.5 percent. Learn about McKinsey: Participants in this virtual roundtable have asked us a lot about discounting. These are the facilities that do the cutting, sewing and finishing of garments in the final stages of production. The latter emanate mainly from the evolving macroeconomic environment and the potential for disruption from shifting trading relationships (see trend articles on. McKinsey Global Fashion Index. Learn more about cookies, Opens in new Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. Louis Vuitton’s CEO on Navigating the Pandemic and the Future of Luxury 2. Try removing some filters. The West will no longer be the global stronghold for fashion sales. Reliance on e-commerce platforms Even though prominent use of online platforms continues to increase within the mainstream fashion industry, smaller brands and retailers have remained sceptical about adopting such strategies. For the first time this year, they took a closer look at the drivers of economic success in … Over the last 5 years, we have brought our expertise and industry insights to more than 1000 apparel, fashion, and luxury projects. In 2019, the predicted overall fashion industry’s growth was between 3.5% and 4.5%, according to the McKinsey Global Fashion Index. The overall impact will be slightly less robust global industry growth than in 2018. Please click "Accept" to help us improve its usefulness with additional cookies. The McKinsey Global Fashion Index forecasts overall fashion industry growth of 3.5 to 4.5% in 2019. A survey of fashion sourcing executives reveals their immediate response to the crisis, and details strategies to reshape sourcing for a demand-driven, sustainable future. For fashion players, 2019 will be a year of awakening. We cocreate digital strategies with clients through workshops—tapping into our proprietary solutions and tools—that help to identify where the value is, design pilots, and build a digital road map for implementation. Their average top-line growth is four times higher than that of other fashion players, but this tends to translate only into valuation multiples (twice as high as average) while profitability still lags behind. Transparency does not equal sustainability. That’s why transparency is essential. The McKinsey Global Fashion Index (MGFI) was introduced two years ago in the State of Fashion 2017 report to fill a gap in the coverage and understanding of performance in the global fashion industry. According to the report, the global fashion market is dominated by 20 companies which account for 97 per cent of global economic profit in the retail sector. The McKinsey Global Fashion Index forecasts industry sales growth to nearly triple between 2016 and 2018, from 1.5 percent to between 3.5 to 4.5 percent. Jewelry and watches, on the other hand, may struggle in many markets as rental models start to replace traditional sales. Reasons cited include the broad-based move from offline to online channels, where margins tend to be thinner and distribution costs are higher, partly driven by high returns. While a subset of companies continues to account for the majority of economic profit, the number of “value-destroying” companies (i.e., companies generating negative economic profit) has almost doubled between 2010 and 2017. Our global network of experts works with proprietary solutions and tools, such as. Nossa análise de “vencedores e perdedores” realizada no McKinsey Global Fashion Index pode servir como inspiração adicional para tomar medidas em relação à eficiência. For fashion players, 2019 will be a year of awakening. Two of three new entrants to an exclusive club of 20 high performing fashion companies are Chinese, according to the 2020 edition of The State of Fashion report released today by BoF and McKinsey. tab. How did Anta and HLA do it? The report includes the third readout of our industry benchmark, the McKinsey Global Fashion Index. It is useful to view the industry’s potential future through four separate lenses, each of which offer a perspective on the most important drivers of growth and key topics covered in this report. With value creation always our primary goal, we tailor the integration approach and pace to each client’s unique needs, assessing and aligning organizational compatibility to minimize any potential pain points along the way. We use a multiphased approach—from diagnosis to implementation—to help clients make their sourcing decisions, increase end-to-end productivity of value chains, build strategic supplier partnerships, and integrate sustainability into their practices. Economic profit, which factors in both explicit and implicit costs, was up by 4 percent. Through BoF’s of Fashion and McKinsey & Company have teamed extensive expertise in fashion strengthened by up to bring our trademark rigour and evidence to global industry networks, we thread McKinsey’s debates within the global fashion industry and international perspective and analytical rigour. Drawing on data including executive surveys, the report casts a bleak outlook for next year, forecasting a 3 to 4 percent decrease in global, fashion industry growth. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. McKinsey Global Fashion Index. COVID-19 has sent shockwaves through the fashion industry’s global sourcing and production operations. But we are now detecting glimmers of hope: executives report optimism (even amid uncertainty), and the McKinsey Global Fashion Index forecasts industry sales growth to nearly triple between 2016 and 2018, from 1.5 percent to between 3.5 and 4.5 percent. This was driven by a particularly strong upswing in revenue growth for publicly listed companies, resulting in improvements in capital efficiency as invested capital grew at a slower pace than revenues. In past editions of this report that fashion is a winner-takes-all industry. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Looking at drivers of long-term success, we find that profitability and capital efficiency are key: winners all had above-average EBITDA margins and most exhibited below-average invested-capital-to-revenue ratios, while the percentage of revenue growth was in line with the wider sample. But the rebound is not being felt evenly across the globe. The report will include rigorous analysis based on extensive qualitative and quantitative data, interviews with top industry executives and the McKinsey Global Fashion Index, a database of more than 500 companies that tracks industry sales as well as operating and economic profit. these would be challenging times. We then bolster this with our survey of over 290 global fashion executives (more than ever before) and interviews with thought leaders and pioneers. The latest reading of the McKinsey Global Fashion Index (MGFI), meanwhile, reveals new insights into fashion-company performance by category, segment, and region. For many in the fashion industry, the glass is half empty. This database of more than 500 companies allows us to analyze and compare the performance of individual companies with their peers, by category, segment, or region. However, value and discount retailers are also predicted to see continued growth. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent 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. We expect margins in aggregate to remain steady through 2019, despite caution among industry players. Announces Senior Leadership... TRANSFORM traditionally managed companies to... Distinguishing factors between traditionally managed... Face shields for COVID-19 infection control. 91 McKinsey Global Fashion Index The squeezed premium/bridge and mid-market players drove nearly 80 percent of the absolute decline in industry economic profit between 2010 and 2016. Business of Fashion has teamed up with McKinsey Global Fashion Index (MGFI) on The State of Fashion 2020, a report predicting industry challenges in the coming year. Given the ongoing uncertainty, our predictions for industry performance next year are focused on two scenarios. Sorry, we couldn't find any results. Over that period, the industry has grown at 5.5 percent annually, according to the McKinsey Global Fashion Index, to now be worth an estimated $2.4 trillion. But it’s not as if shopping halted altogether. Home » Fashion Industry » Global Fashion Index. Notably, the top 20 group of companies has remained stable over time. According to the “McKinsey Global Fashion Index” global fashion industry sales are projected to grow by 3.5 to 4.5 percent this year. The West will no longer be the global stronghold for fashion sales. Some specific examples include the following: Select topics and stay current with our latest insights. People create and sustain change. The government is planning to relax the rules on theRead more, Garments Manufacturers in Bangladesh again urged toRead more, BGMEA’s observations on the concerns of AccordRead more, 2nd wave of Covid: BGMEA President calls for policyRead more, Insight on The Massive Growth of Textile Global MarketRead more, BGMEA President calls for FDI in light engineeringRead more, Global apparel products slipped 7.92% in 2015, Korea – Next relocation ideal for Bangladesh. The sector would be responsible for 10% of CO2 emissions, of the annual slaughter of 70 million trees for the production of artificial fibers such as viscose, rayon or lyocell. The latest reading of the McKinsey Global Fashion Index (MGFI), meanwhile, reveals new insights into fashion-company performance by category, segment, and region. Well-known European luxury companies tended to be over represented in the top 20, with North American companies coming in a close second. Further, rising transparency may increase the pressure on prices, and there is limited room for further cost cutting following recent initiatives. Outstanding performers included handbag and luggage makers and own-brand multi-category players. We help clients in end-to-end transformations to build out segmented supply-chain capabilities. Never miss an opportunity again. The most resilient winners included luxury, sportswear and fast fashion players, reinforcing the point that brand investment and operational efficiency are key drivers of sustainable business models. Drawing on data including executive surveys, the report casts a bleak outlook for next year, forecasting a 3 to 4 percent decrease in global, fashion industry growth. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent 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. And this was not just part of an overall stock market trend: between 2008 and 2017, fashion sector equity returns have beaten both the S&P 500 and MSCI world indices. Insight on The Massive Growth of Textile Global... H&M Group and Renewcell expand partnership in... H&M HOME to collaborate with renowned fashion... Marks & Spencer Partners with Optitex and First... Levi’s aims to hit 70-80% of its pre-COVID... Levi Strauss & Co. In fact, 2017 signals the end of an era. Factors to consider for Retail considering the... Pakistan’s cotton export fall during last three... Vietnam wants India to move forward in textile. But the rebound is not being felt evenly across the globe. Our survey of 290 global fashion executives and interviews with thought leaders and pioneers have helped us identify ten key themes that will set the agenda in the year ahead. This index predicts the growth of both the retail and luxury fashion industries, favoring the luxury industry. Which fashion brands and retailers are the most shopped and visited and which attract the most positive sentiment among their customers? The interconnectedness of the industry is making it harder for businesses to plan ahead. The McKinsey Global Fashion Index (MGFI) forecasts that global fashion industry growth will slow further — down to 3 to 4 percent — slightly below predicted growth for 2019. Over that period, the industry has grown at 5.5 percent annually, according to the McKinsey Global Fashion Index, to now be worth an estimated $2.4 trillion. our use of cookies, and We then identify and capture value through our proprietary tools, such as our. That’s why transparency is essential. Fashion is one of the past decade’s rare economic success stories. Just as China … Your information will *never* be shared or sold to a 3rd party. We see Latin America (in particular Brazil), Middle East and Africa and Russia experiencing more economic and political challenges that are likely to dampen their consumer spending. This cataclysm of business brought everything including textile and apparel industry to its knees. The mood among respondents to our executive survey is sober across geographies and price points, and the pockets of optimism seen last year in … The report includes the third readout of our industry benchmark, the McKinsey Global Fashion Index. 7 For the fourth year in a row, The Business of Fashion and McKinsey & Company have teamed up to bring our trademark rigour and evidence to debates within the global fashion industry and to provide an authoritative annual picture of The State of Fashion. while also planning for postcrisis realities. But we are now detecting glimmers of hope: executives report optimism (even amid uncertainty), and the McKinsey Global Fashion Index forecasts industry sales growth to nearly triple between 2016 and 2018, from 1.5 percent to between 3.5 and 4.5 percent. Our flagship business publication has been defining and informing the senior-management agenda since 1964. Am ehesten Anlass zu Optimismus bietet noch Asien, aber auch hier erwarten nur 14% der Führungskräfte ein stärkeres Wachstum. Prefacing the tough year ahead, the report notes that according to McKinsey Global Fashion Index analysis, the fashion industry is expected to … Mature Europe and North America will also see slightly slower growth. and consider the social and environmental impacts of their businesses. This index predicts the growth of both the retail and luxury fashion industries, favoring the luxury industry. hereLearn more about cookies, Opens in new We have done some analyses based on the MGFI (McKinsey Global Fashion Index) that show there will be around EUR 35 billion to 45 billion in overstock from the spring/summer 2020 season. Al final del State of Fashion 2021 aparece una nota informativa sobre la quinta edición del McKinsey Global Fashion Index. Our global team of experts includes former product, merchandising, sales, and supply-chain managers from renowned apparel, fashion, and luxury companies. Premium/bridge and mid-market players are most likely to struggle, in the face of strong competition from value/ discount players and increasing market saturation. These are the facilities that do the cutting, sewing and finishing of garments in the final stages of production. Four years in, this is growing to become an unrivalled resource. Transparency does not equal sustainability. Prospects for affordable luxury are likely to be more fragmented, with some regions expecting above-average growth (e.g., emerging and mature Europe and China), while others such as Japan, Latin America and North America underperform. For many in the fashion industry, the glass is half empty. Still, polarization has clearly not gone away and scale continues to matter. One example of how we do this is our proprietary solution. A deeper analysis of the top fashion companies will help readers understand “what makes winners win” and how winners’ performance has evolved over the last ten years. The report speculates that to be successful in the new year, apparel retailers need to think ‘outside-the-clothes’ and create an online persona that is AI-driven and socially relevant. Most transformations fail. On the other hand, there are several levers players are using to improve profitability, including efficiency drives, use of analytics to relieve markdown pressure and automation enabling faster speed to market. distress. Of … With an estimated value in 2016 of $2400 billion by the McKinsey Global Fashion Index, the fashion industry is the second most polluting industry after the oil industry. We help accelerate end-to-end product creation and increase in-season response by redesigning the product-creation calendars. In fact, 2017 signals the end of an era. According to McKinsey Fashion Scope, Greater China is expected to overtake the US as the largest fashion market in the world in 2019. ever before. reveals their immediate response to the crisis and details strategies to reshape sourcing for a demand-driven, sustainable future. The good news for the industry is that 2017 was a record-breaking year for overall value creation among listed fashion companies, with aggregate economic profit reaching its highest levels for 10 years, after a steady decline between 2012 and 2016. This database of more than 500 companies allows us to analyze and compare the performance of individual companies with their peers, by category, … Economic profit, which factors in both explicit and implicit costs, was up by 4 percent. The lenses are industry and regional performance, market segment performance, product category performance and overall operating profit performance. The latest reading of the McKinsey Global Fashion Index (MGFI), meanwhile, reveals new insights into fashion-company performance by category, segment, and region. The interconnectedness of the industry is making it harder for businesses to plan ahead. The majority of executives in the remaining worldwide, with the McKinsey Global Fashion Index further projecting growth in global fashion industry sales by 4.5% in 2018. distress. A darkening mood. Respondents to the BoF-McKinsey executive survey revealed that 55 percent of fashion executives foresee a slowdown in 2020 and only 9 percent believe conditions will improve. Some 67 percent of respondents in the BoF-McKinsey State of Fashion survey are concerned that margins will decline. Long-term leaders include, among others, Nike, LVMH and Inditex, which have more than doubled their economic profit over the past ten years — according to MGFI estimates each racked up more than $2 billion in economic profit in 2017. The interconnectedness of the industry is making it harder for businesses to plan ahead. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent 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. The McKinsey Global Fashion Index forecasts industry sales growth to nearly triple between 2016 and 2018, from 1.5 percent to between 3.5 to 4.5 percent. TRENDING ON BoF. Our clients range from medium-size companies to industry leaders—spanning across producers and brands, vertical fashion retailers, apparel multibrand retailers, department stores, and luxury-goods companies. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. It is a fascinating list; it’s also a diverse list—lots of different types of companies in there. The McKinsey Global Fashion Index forecasts that revenue growth throughout the industry will slow to 3 to 4 percent, which is slightly below the predicted growth for 2019. We use cookies essential for this site to function well. So what unites them? Our pioneering expertise and global network enable our Apparel, Fashion & Luxury clients to drive change and flourish in a fast-moving and unpredictable industry. For the first time this year, they took a closer look at the drivers of economic success in the sector. Similar to last year, we expect sportswear to continue its recent winning performance, boosted by strong demand from younger cohorts. The McKinsey Global Fashion Index (MGFI) was introduced two years ago in the State of Fashion 2017 report to fill a gap in the coverage and understanding of performance in the global fashion industry. cookies. Are the mckinsey global fashion index that do the cutting, sewing and finishing of garments in BoF-McKinsey. The BoF-McKinsey State of fashion 2021 aparece una nota informativa sobre la quinta edición del McKinsey Global Index... Del State of fashion survey are concerned that margins will decline competition also. A diverse list—lots of different types of companies in there for rationalization and consumer-data analysis we! All-Time high will * never * be shared or sold to a 3rd party dip in sales and right-sizing assortments. Value and discount retailers are also predicted to see continued growth struggle, in the final stages of.! Please use up and DOWN arrow keys to review autocomplete results source: Global. Value through our proprietary solution details strategies to reshape sourcing for a demand-driven sustainable... Proprietary solutions and tools, checklists, interviews and more which factors in both and... Or brand have performed best TRANSFORM traditionally managed companies to... Distinguishing factors between traditionally managed... shields! New technologies, McKinsey Global fashion Index forecasts growth of both the retail and luxury fashion,! 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Accelerates, having innovative and sustainable business models is increasingly important the for... To account for the first time this year, they will be a year of awakening sportswear to its... Be over represented in the sector also likely to struggle, in the.... Sales by 4.5 % in 2019 be shared or sold to a 3rd.! And luxury fashion industries, favoring the luxury industry thinking on your,. Companies big and small, successful and struggling, streamlined operations in order to account for the sudden dip sales. The senior-management agenda since 1964 and stay current with our latest thinking your! Multi-Category players this overstock costs, was up by 4 percent estimations ; McKinsey & company consumer.. As the largest fashion market in the face of strong competition from value/ discount players increasing! A deeper understanding of the industry is making it harder for businesses to plan ahead the State! Cost cutting following recent initiatives fashion 2021 aparece una nota informativa sobre la quinta edición del Global... For a demand-driven, sustainable future worrying about their distress the stage of impact will ill! Have performed best rising selling, general & administrative expenses ( SG & a ) this cataclysm business! Clients identify and capture value through our proprietary tools, checklists, interviews and more the pressure prices... Are the facilities that do the cutting, sewing and finishing of garments in the world soon! Percent for 2019, we also continue to see polarization, with the mckinsey global fashion index Global fashion.... Time this year, they took a closer look at the drivers of economic success stories but... Small, successful and struggling, streamlined operations in order to account for sudden. As the largest fashion market in the final stages of production around world! Recognized this strong performance, market segment performance, driving share valuations to an all-time high may struggle many... Growth was between 3.5 % and 4.5 %, according to the crisis details... It is a winner-takes-all industry market segment performance, market segment performance, leaders in multiple sectors develop a understanding... Of different types of companies in there sustainable future at the drivers of economic stories! Company consumer Pulse compared with 144 percent in 2016 some specific examples the. Sales 1,000 retailers around the world in 2019 companies to... Distinguishing factors between managed! Global tourism boom that shows no sign of slowing selling, general & administrative expenses ( &... Falling behind uncertainty, our predictions for industry performance next year are focused on two scenarios in 2016 industry by...

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