January 26, 2025A long-feared cyclical slowdown for the fashion industry has arrived. The rise of dupes, a slowdown of the luxury sector, and the reshuffling of global trade will require brands to navigate compounding challenges at every turn.
“2025 is likely to be a time of reckoning for many brands,” write McKinsey’s Anita Balchandani, Felix Rölkens, Gemma D’Auria, and coauthors in the annual State of Fashion report. “The upshot is that there is still opportunity to be found for brands that move nimbly and are quick to adapt to upheavals in a chaotic marketplace.” As Paris Fashion Week wraps up, download the full 154-page report to delve into ten themes, including:
- trade reconfigured
- spenders from the silver generation
- the human side of sales
- marketplaces disrupted
The State of Fashion 2025: Challenges at every turn
The State of Luxury: How to navigate a slowdown
Generative AI: Unlocking the future of fashion
Luxury retail is about ‘emotions, not transactions’
Great merchandising never goes out of fashion
