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McKinsey analysis of fashion forecasts projects relatively slow sales growth of between -2 and +3 percent, weighed down by a contraction in the European market (expected to shrink between 1 and 4 percent) (exhibit). China and the United States are expected to fare better, growing between 2 and 7 percent and between 1 and 6 percent, respectively.

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The International Monetary Fund predicts that global GDP growth could slow from 3% in 2023 to 2.9% in 2024. (p. 22) This general slowdown in growth is likely to introduce a degree of unpredictability into the fashion buying behaviour of consumers, particularly in the West. Increasing geopolitical instability is seen by many fashion executives.

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Ana Macit, Marketing Lead, Seamm. 12.01.2023. The fashion industry, a beacon of resilience and innovation, stands at a crucial juncture as we look towards 2024. The preceding years have been a testament to its ability to adapt and thrive, with economic profits in 2022 surpassing those of any year between 2010 and 2020, barring one. However, the.

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McKinsey - The State of Fashion 2024 - Ten themes for 2024. To prepare for challenges and be alert to opportunities, leading fashion companies will likely prioritize contingency planning for the coming year. A key theme will be companies keeping a firm grip on costs and inventories while driving growth by precisely managing prices.

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Looking to 2024, fashion leaders are anticipating further headwinds and are uncertain about prospects for the year ahead. Indeed, the word most often mentioned by executives in the BoF-McKinsey State of Fashion 2024 Executive Survey was "uncertainty." Consumer confidence will remain fragile, although

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The Fashion Act has been gaining momentum, with over 80 legislators supporting it, but as the legislation is in its third session at the New York State legislature, Bédat's work isn't done. After three years of effort, Bédat is still actively lobbying and rallying behind the legislation to garner greater awareness among citizens.

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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.

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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. Download report.

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Ohio State wide receiver Marvin Harrison Jr. poses on the red carpet ahead of the first round of the NFL football draft, Thursday, April 25, 2024, in Detroit. (AP Photo/Carlos Osorio) Share

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As a whole, the fashion industry is predicted to achieve year-on-year retail sales growth of between 2 percent and 4 percent in 2024. Aside from economic challenges, one pressure point that cannot be ignored in the year ahead is the climate crisis. After numerous extreme weather events in 2023, leading companies are likely to bolster their.

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In The State of Fashion 2024, the latest annual report published by the Business of Fashion and McKinsey, our analysts, in conversation with industry leaders, delve into insights for 2024 and from the passing year, with the goal of identifying new pockets of value and drivers of performance for the year ahead.

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Global GDP growth is set to slow to 2.9% in 2024, while the fashion industry's year-on-year growth is predicted to only be between 2% and 4%. But even in tough times, there is still room for growth and for opportunity. It might just mean being open to new ways of working for all the stakeholders in the fashion value chain.

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The State of Fashion 2024 explains why consumer volatility could trigger what's known in supply chains circles as the "bullwhip effect," in which small changes in demand can cause increasing large fluctuations upstream and downstream. 12 December 2023. Read the news & analysis on the series The State of Fashion. Make BoF your fashion news.

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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.

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The highly anticipated annual report, The State of Fashion 2024, by The Business of Fashion and McKinsey, has just been released.This report outlines the imminent challenges that will shape the fashion industry in the upcoming year. It provides a comprehensive overview of the ten most significant topics identified by influential leaders in the textile sector.

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In 2024, the global economic landscape confronting the fashion industry is set to remain turbulent, with the IMF forecasting a global GDP growth deceleration to 2.9 percent, down from 3 percent in 2023. This downturn, attributed to slowdowns in advanced economies, is marked by persistent inflation and cautious central bank policies.