In a rather unexpected takeaway, the SoF 2021 emphasizes that fashion companies should rebalance their supply chain and move away from transactional relationships in favor of deeper partnerships with greater flexibility. Illustration by Martin Nicolausson for BoF. They were looking for brands that offered more convenience, novelty, and displayed social responsibility. Entitled “In search of promise in perilous times”, the. The Business of Fashion and McKinsey & Company have now released The State of Fashion 2021, focusing on the themes, issues and opportunities impacting the sector. Physical retail has been in a downward spiral, but. I'm aware that I can unsubscribe at any time. Please note that some site functionality may not function correctly if all cookies are disabled. While other brands, such as Starbucks, experimented with innovative new ideas to stay in touch with their customer base. A boarded up Macy's store, New York, June 8, 2020. They were looking for brands that offered more convenience, novelty, and displayed social responsibility. The main reason for this radical shift is that digital adoption has skyrocketed during the lockdown, pushing brands that were previously hesitant to establish an online shop to take a leap of faith and go omnichannel. Antavo has been listed as a Representative Vendor in Gartner’s 2020 Market Guide for Loyalty Management in the Pure-Play Loyalty Provider category. Offer customers store location-exclusive features and stand out from the competition! If you’re interested in what we have in store for you, please consider including us in your loyalty RFP. rewarding social media engagement, product reviews, survey completion) is more important than ever, Loyalty offers have to be personalized to maintain customer interest, A large majority of members are now using their phones to engage with brands, so you have to have a strong presence on that front. Download the Report: The State of Fashion 2021 Click below to download BoF and McKinsey & Company’s in-depth report on the global fashion industry in 2021, focusing on the themes, issues and opportunities impacting the sector. If you have questions or need to change your subscription status, please contact us at membership@rethink.retail. 14 38. McKinsey Global Fashion Index 88—99 Glossary and Detailed Infographics 100 End Notes 102 MGFI GLOBAL ECONOMY CONSUMER SHIFTS FASHION SYSTEM. Brands and retailers across all verticals have realized that the only way forward is to disrupt their existing business model, adapt to the new customer reality, and introduce innovative new solutions to capture the attention of novelty-hungry shoppers. Illustration by Anna Kövecses for BoF The Business of Fashion and McKinsey & Company have now released The State of Fashion 2021, focusing on the themes, issues and opportunities impacting the sector. These observations correlate with the bottom line of our webinar back in April, in which our experts highlighted the best ways to win customer’s trust by “trying to serve, not to sell”. Alternatively, stores will become showrooms, where customers can engage with products and try them out in a stimulating environment. BoF and McKinsey & Company are pleased to share a preview of exclusive data from The State of Fashion 2021, our highly anticipated annual report on the future of the fashion industry, which reveals that the global fashion industry could lose up to 20 percent of revenues this year — worth up to a staggering $440 billion — and lays out potential scenarios for the year ahead as well as the timing of … It’s the smartest platform out there for eCommerce and retail, yet it’s easy to use. Download fashion’s most authoritative report here. eCommeleon Co-Founder Jesse Wragg Tells All, : Retail Workers Need Greater Wage Protections—and They Need Them Now, : Retail Picks of the Week: Sephora and Kohl’s, Big BFCM Round Up. Stay ahead of trend: fresh retail insights delivered straight to your inbox. , is meant to unify the customer experience among all tenant brands, regardless of their size or tech-readiness. The State of Fashion 2019 marks the third year of an ongoing partnership between The Business of Fashion and McKinsey & Company, bringing analytical rigour and evidence to better understand the rapidly changing global fashion industry and providing an authoritative point of view on the state of fashion in the year to come. Something went wrong while submitting the form. A world that is uncertain, changing, and challenging by Craig & Karl. Theater – live – Berlin Oranienplatz im Gorki Theater. Yaling Jiang | Share. LONDON, United Kingdom — Fashion leaders are not looking forward to 2020. Best of Theater in Berlin. At Antavo, as leaders in loyalty technology, we pride ourselves on constantly delivering innovative solutions. 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 … One of the major casualties of the drastic shift towards digitalization was the human touch. Our site uses cookies to remember and understand how you may use our site. The State of Fashion . ‎The McKinsey Podcast, our new flagship podcast series, takes you inside our global firm, and features conversations with experts on issues that matter most in business and management. Thank you! Download fashion’s most authoritative report here. Fashion . Another undisputed fact in the report is that online sales have taken over the market right now. The State of Fashion 2021, BoF and McKinsey’s annual report analysing the trends that will shape fashion in the year ahead, will be released Dec. 2. Fashion Leaders Are Looking for New Investments. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent of global fashion companies were not earning … of 1 to 4 percent in 2021. Four Key China Trends From McKinsey x BoF State of Fashion 2021 Report. and have come to the following conclusions: Subscription-based loyalty programs have become viable again, Engaging customers outside of the buying cycle with non-transactional touchpoints (e.g. By using this site, you consent to the use of cookies. Dezember 2020 – Studie „The State of Fashion 2021“: Verlust von 90% des Economic Profits zu erwarten. Learn more about our privacy policy, Early access, VIP tiers, and special access clubs. We started by discussing the latest State of Fashion report, which is published jointly by Business of Fashion and McKinsey. Not that the state of fashion was looking any good beforehand, Mckinsey’s coronavirus update paints a grim picture for the rest of 2020. eCommeleon Co-Founder Jesse Wragg Tells All: Retail Workers Need Greater Wage Protections—and They Need Them Now: Retail Picks of the Week: Sephora and Kohl’s, Big BFCM Round Up. The new State of Fashion 2021 report is based on two McKinsey fashion scenarios: a more optimistic “Earlier Recovery” scenario predicts that global fashion sales will decline by between 0 and 5 percent in 2021 compared to 2019, and a “Later Recovery” scenario would see sales growth decline by 10 to 15 percent next year compared with 2019. Offering partner rewards in your reward catalog is a cost-effective way to make the incentives more diverse and exciting. Discover how to optimize how you utilize your partnership network as a loyalty incentive, in our ebook. Download fashion’s most authoritative report here. Following a rather challenging year, Business of Fashion and McKinsey & Company have together released the latest edition of their annual fashion report, the State of Fashion. LONDON, United Kingdom — Fashion leaders are not looking forward to 2020. In 2021, McKinsey estimates that online will account for 37 percent of fashion and luxury retail sales, both in the U.K. and in China. Fashion; #BoFLIVE: State of Fashion 2021 Business Of Fashion - BoF Team. Following a rather challenging year, Business of Fashion and McKinsey & Company have together released the latest edition of their annual fashion report, the State of Fashion. Subscribe to the RETHINK Retail Newsletter. kultur24 will report. Created in partnership with McKinsey & Company, the report anticipates that, due to the pandemic, companies will post a 90 percent drop in profit by the end of 2020 (in 2019, profits rose four percent). The report, the fifth in our annual series, drills down into the major themes affecting the fashion economy and assesses a range of possible responses. Instead, retail should revolve around people’s lives. It’s against this backdrop that McKinsey has teamed with the Business of Fashion to shine a light on the fragmented, complex ecosystem that underpins this giant global industry. , physical spaces will be turned into dark stores to support the logistics for the online business. The report argues that a big contributing factor to the industry’s vulnerability during the pandemic was the weakness of procurement partners, unreliable contracts, and a concentrated supplier footprint. 5 If stores remain closed for two months, McKinsey analysis approximates that 80 percent of publicly listed fashion companies in Europe and North America will be in financial distress. Share to Twitter. 3. Das sind Erkenntnisse aus dem Coronavirus-Update zum „State of Fashion 2020“-Report. For instance. Alternatively, stores will become showrooms, where customers can engage with products and try them out in a stimulating environment. Elevate your customer retention to the next level with Antavo’s loyalty capabilities. This creative mindset should be carried over to your loyalty program as well. : Home Improvement Brands Make Big Shifts for Online Shoppers, : Editor’s Picks: Top Retail News of the Week. This year has radically reshaped the landscape for the fashion industry. The Business of Fashion and McKinsey & Company: The State of Fashion 2021 ‍ SHARE: RELATED CONTENT:: What’s Up With Marketplaces? McKinsey & Company is a management-consulting firm that helps businesses, governments, and not-for-profit organizati… One major observation from the report is that the apocalyptic mood from the beginning of the year has evolved into a strong determination to better manage business and sail through the hardships. To disable cookies, please change your browser cookie settings. Our first The State of Fashion report (PDF–7MB) finds that it’s not only external shock waves that have roiled the industry. The report also states that, in the future, people won’t center their lives around retail. Shedding light on the global economy, consumer shifts and the fashion system, the joint report gives a closer look at the shockwaves brought on by COVID-19. Der weltweite Umsatz der Modeindustrie... Der weltweite Umsatz der Modeindustrie... wird 2020 um 15-30% zurückgehen. In 2020, we’ve helped plenty of enterprise-grade companies take the next step in customer retention by empowering their loyalty program. The outlook for 2021 does not look bright either. Best of Ballet/ Dance in Berlin. The fifth annual State of Fashion report by The Business of Fashion and McKinsey & Company forecasts the continuation of tough trading conditions … Tamas is a true gamer at heart and has an impressive collection of cyberpunk books. If you’re curious about our latest solutions, feel free to visit our Product Release section, or check out our blog for the latest trends in customer retention. You consent to our cookies and you agree to our privacy policy and cookie policy if you continue to use our website. 6 The State of Fashion 2020. So let’s take a look at the takeaways of the State of Fashion 2021, and how to apply them to your loyalty program. The last one was especially important, as people become more sympathetic towards the situation of vulnerable employees. The State of Fashion 2017 was created to provide a comprehensive view of the fashion industry—one whose coverage remains fragmented and not systematically reported. McKinsey uses cookies to improve site functionality, provide you with a better browsing experience, and to enable our partners to advertise to you. 2017. The Business of Fashion and McKinsey & Company: The State of Fashion 2021 ‍ The State of Fashion 2021, BoF and McKinsey’s annual report analysing the trends that will shape fashion in the year ahead, will be released Dec. 2. Breathe new life into your store through kiosks fitted with NFC Readers. for the latest trends in customer retention. This is in large part due to the better understanding of this new customer behavior. to improve their ROI on the store level. In 2020, we’ve helped plenty of enterprise-grade companies take the next step in customer retention by empowering their loyalty program. The fifth annual State of Fashion report by The Business of Fashion and McKinsey & Company forecasts the continuation of tough trading conditions … Another undisputed fact in the report is that online sales have taken over the market right now. If you’re curious about our latest solutions, feel free to visit our. This creative mindset should be carried over to your loyalty program as well. Instead, retail should revolve around people’s lives. Für den Report haben die Unternehmensberatung McKinsey & Company sowie die Medienplattform Business of Fashion (BoF) aktuelle Umfragen mit mehr als 1400 Experten aus der BoF-Community sowie 6000 Konsumenten aus einem McKinsey-Survey, daneben Daten und Experteninterviews analysiert, um für die … in the Pure-Play Loyalty Provider category. By embracing. There will be … analyzes how the pandemic has affected the fashion industry in an effort to help executives navigate the rocky path to recovery. Those are some of the findings from our latest report, The State of Fashion 2021, written in partnership with the Business of Fashion (BoF). SHARE: AddThis Sharing Buttons. Reward programs themselves have also undergone a revolution of their own. By Imran Amed and Achim Berg November 21, 2019 05:20 The Business of Fashion and McKinsey & Company have now released The State of Fashion 2021, focusing on the themes, issues and opportunities impacting the sector. He studied philosophy and has a strong background in journalism. Fashion; The State of Fashion 2021 Report: Finding Promise in Perilous Times Business Of Fashion - Imran Amed. Stay up to date with the latest customer retention and loyalty tips and news. Business of Fashion has released its annual report on the state of the fashion industry, revealing a sharp decline in profit over 2020 as well as predicting the future of the sector. In case you’re planning to follow their advice, your loyalty program can be the focal point of this new, flexible partnership. As for loyalty programs, they unlock a third option: coalition loyalty programs. The State of Fashion 2021 Report: Finding Promise in Perilous Times The fifth annual State of Fashion report by The Business of Fashion and McKinsey & Company forecasts the continuation of tough trading conditions next year, forcing companies to find their ‘silver linings strategies.’ Throughout the year, we’ve monitored how customer behavior has changed and have come to the following conclusions: During COVID-19 Starbucks expanded its delivery service, partnering with Uber Eats to deliver coffee in 49 cities in the US. expect their online business to grow by 20% or more in 2021. Some might invest into new geographies or integrate smaller, distressed brands, while others will turn towards new customer retention technologies, such as loyalty programs. 09.12.2020.- La consultora McKinsey y The Bulletin of Fashion (BoF) acaban de publicar su informe The State of Fashion 2021, el siguiente de una serie que viene publicando desde hace un lustro y que constituye un documento valorado por el sector. As we look at the state of fashion for the year ahead, we see the industry as a whole embracing new opportunities—even as dangers lurk. Physical retail has been in a downward spiral, but there’s still a chance for retailers to improve their ROI on the store level. To discuss the state of fashion, I spoke with McKinsey partner Achim Berg, who’s based in Frankfurt, and Imran Amed, who is the London-based founder, CEO, and editor-in-chief of the media company Business of Fashion. What does that mean, exactly? Throughout the year, we’ve monitored. 6 10. Instead of trying to survive alone, brands in shopping centers can band together under a coalition program, where value stems from the fact that members can earn points from any tenant, and later spend them at another. Antavo has been listed as a Representative Vendor in, Gartner’s 2020 Market Guide for Loyalty Management. State of Fashion 2021 Takeaways: Road to a Rocky Recovery, Following a rather challenging year, Business of Fashion and McKinsey & Company have together released the latest edition of their annual fashion report, the State of Fashion. AFP via Getty Images. According to the SoF 2021, 71% of fashion executives. Entitled “In search of promise in perilous times”, the State of Fashion 2021 analyzes how the pandemic has affected the fashion industry in an effort to help executives navigate the rocky path to recovery. 100 End Notes 102 MGFI Global ECONOMY CONSUMER SHIFTS Fashion SYSTEM a strong background in journalism the market right.. 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