Overall, I really enjoyed learning about what to watch out for in the future of fashion but also studying how COVID has made a huge impact on the fashion industry as a whole. Ao identificar mercados com as mesmas ou mais promissoras perspetivas de crescimento em 2023 do que no ano anterior, 88% dos executivos evidenciam o Mdio Oriente. Companies are constantly improving the online shopping experience for customers, especially considering the fact that this form of shopping will most likely dominate the industry in the near future. By 2030, more than 80 percent of the global population is expected to have access to 5G networks, McKinsey estimate based on Ciscos projections through 2022 and extended to 2030. End-to-end upgrade. 39% dos executivos de moda esperam que as vendas de roupa para ocasies especiais estejam entre as trs principais categorias de crescimento em 2023. 7 Metade dos executivos de moda esperam expandir a presena das suas empresas na Amrica do Norte em 2023. By experimenting with NFTs, gaming and virtual fashion, brands will unlock value streams in the metaverse that engage young consumers and will find new routes to creativity, communities and commerce. McKinsey_Website_Accessibility@mckinsey.com, Connected world: An evolution in connectivity beyond the 5G revolution. Lastly, technology is an important new innovative way for countries and production centers to gain a competitive advantage. Over 70% of respondents plan to increase the share of nearshoring close to company headquarters, and about 25% intend to reshore sourcing to their headquarters country. The sixth annual State of Fashion report forecasts that global fashion sales will surpass their pre-pandemic levels in 2022 thanks to outperforming categories, value segments and geographies, while supply chain headwinds will pose a risk to growth prospects. Kasey Panetta, Gartner top strategic technology trends for 2021, Gartner, October 19, 2020. Im not entirely sure and I cant wait to hear what you guys have to say. McKinsey estimate based on expert interviews and inputs. If brands were sourcing from nearby, their transportation would produce much less of an environmental footprint and would help make brands more sustainable. As empresas de moda, em geral, conseguiram construir bases slidas em 2021 e na primeira metade do ano de 2022 para as ajudar a resistir tempestade. In addition to this, diversifying sourcing is still a crucial goal for fashion companies, since COVID showed that you cannot put all of your eggs in one basket and be confident that your supply chain is stable. These are some of the findings from The State of Fashion 2022, written in partnership with the Business of Fashion (BoF). The global surges in demand create additional and unpredictable pressures on freight services, ports, and terminals. First, logistical challenges are remaining strong due to demand and supply chain disruptions. 56% dos executivos de moda esperam que as condies na indstria se agravem no prximo ano. As famlias de rendimentos mais elevados vo ser menos afetadas por esta crise do que as famlias de rendimentos mais baixos, e vo continuar a comprar, em particular, bens de luxo. Featuring Achim Berg, senior partner of McKinsey & Company in conversation with BoF's founder and editor-in-chief Imran Amed. This article is interesting to me because it is forecasting the prediction of the fashion for 2022. I found the expected state of fashion in 2022 to be very interesting but was not surprised with the information presented. 15 signatories including most developed and biggest apparel manufacturers come together to create a trade agreement that works dynamically to increase Asias global market. I am also not surprised to see that hyper digital technology is being used to find efficient supply chain decisions and I feel that this will become the normal as technology advances and e-commerce overtakes physical retail. The report, the sixth in our series, discusses the major themes shaping the fashion economy and assesses a range of possible responses. (Photo by Jordan Strauss/ Entertainment Agenda-setting intelligence, analysis and advice for the global fashion community. Widening income inequality and other demographic pressures in 2022 could exacerbate the already uneven global economic recovery from the pandemic. Below are the key points in the report regarding the sourcing trends in the year ahead: #1 The logistics challenges could intensify in 2022, with 87% of respondents expecting supply chain disruptions to continue to affect their profit margins in the year ahead negatively. With the boom of e-commerce, businesses have to reevaluate how they buy, how they store their inventory, and how they will distribute it. Metaverse reality check. 3. Realidades Regionais: O mapa mundial de oportunidades de crescimento para marcas de moda mudou, com regies como o Mdio Oriente e pases como os EUA a emergir como prioridades para o ano que se avizinha. I find these sourcing strategies not surprising at all based on the post pandemic market and the countries affect the virus is having on the world. Exhibit 1. Fabrico Prova do Futuro: 65% dos executivos de moda esto a considerar a possibilidade de nearshoring para criar novos centros dedicados a servir os seus mercados domsticos de consumo. 2021 The Business of Fashion. Notably, some EU-based companies have been moving textile manufacturing from China to Turkey to minimize delays. The sixth annual State of Fashion report by The Business of Fashion and McKinsey & Company forecasts that the global fashion industry will find its feet again after nearly two years of disruption, though supply chain headwinds will threaten growth prospects. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Enter your email address to follow this blog and receive notifications of new posts by email. Model Kaia Gerber and designer Hedi Slimane close the show at the Celine Fall/Winter 2023 Fashion Show on Thursday, Dec. 8, 2022, at The Wiltern in Los Angeles. I am fascinated by the Regional Comprehensive Economic Partnership (RCEP) and what its implementation might mean for the apparel and textile industries during the pandemic. For many fashion brands, highly personalized customer experiences are a cornerstone of their digital businesses. Reviso Organizacional: 55% dos executivos apontam a crise de talento como um dos principais fatores de impacto nos seus negcios em 2022. ECONOMY GLOBAL INDUSTRY OUTLOOK 1217. Brands have access to a growing arsenal of personalization tools and technologies to upgrade how they customize and personalize their customer relationships. The Virtual Economy, LAtelier, 2022. The Business of Fashion. No geral, prev-se que o comrcio retalhista nos EUA encerre 2022 com as vendas no valor mais elevado das ltimas duas dcadas. This may enable customers to routinely access curated websites and marketplaces, from landing pages to payments. McKinsey Global Digital Sentiment Insight Survey, 2021. The marketing value of digital fashion and nonfungible tokens (NFTs) may now be clear, but fashion brands will need to separate the concrete opportunities from the hype to generate sustainable revenue streams presented by growing consumer engagement with the metaverse. For more information read our Terms & Conditions. 1. We strive to provide individuals with disabilities equal access to our website. In 2022, the fashion industry can return to growth as changing category landscapes, new digital frontiers, and advances in sustainability continue to present opportunities. Being the only trading block with product capacity and consumer demand, I feel as though RCEP may provide the change and fix needed after the COVID-19 crisis. That being said, companies and brands who nearshore and get their clothing close as opposed in third world countries will have much better lead times. EXECUTIVE SUMMARY 1011. COVID 19 has complicated several main pieces of the fashion industry, sourcing being one of the main parts effected. Dois teros dos executivos esperam que a digitalizao seja a ferramenta mais importante para permitir que os fornecedores cresam no ano que se avizinha. In the year ahead, as restrictions ease in some geographic areas, digital interactions will likely stabilize at about 66 percent on average. This #BoFLIVE event was based on the The State of Fashion 2022: Global Gains Mask Recovery Pains report. As we know, COVID-19 and the pandemic a whole has changed and shifted the way the world worked and processed. 4 6. However with shipping delays would consumers rather pay more for near-shoring and getting their product at a reasonable time? RCEP will definitely see a trend like the flying geese model and will bring stability and product across the global during the pandemic. I would like to hear other peoples opinions on this matter so feel free to reach out or reply to this comment. Another interesting thing is RCEP which takes effect on January first, 2022. Look at the second sourcing trend, companies will have to be flexible. Because of the uncertainty, companies are looking are near and restoring they items to have a cheaper and faster production rate. A proporo de empresas destruidoras de valor (ou seja, aquelas que registam resultados negativos) est agora no seu ponto mais baixo desde 2013. A educao e a formao geram entre duas vezes e meia a trs vezes mais retorno do investimento do que o recrutamento, impulsionando a motivao empresarial para investir nas lacunas de competncias da mo-de-obra existente. The pandemic is changing the fashion industry and the last of the pandemic is urging fashion brands to change fast. Moreover, the Covid-19 pandemic has also emphasized the need for fashion brand companies to expand their Digital presence. BoF and McKinsey's annual State of Fashion report forecasts that global fashion sales will surpass their pre-pandemic levels in 2022 after revenues and economic profit fell sharply at the onset of the pandemic. 6 I am interested to see how RCEP will effect the global supply chain, as it is said to be the largest incoming free trade agreement. Today Google released its Year in Search 2022 report, in which, unsurprisingly, there were lots of searches for Wordle, Queen Elizabeth II and Euphoria, but naturally it's the styling searches that we really honed in on. The State of Fashion 2022: Global Gains Mask Recovery Pains. McKinsey Global Digital Sentiment Insight Survey, 2021. . I also agree that fashion companies may still have to deal with a highly volatile and uncertain market environment in 2022, as COVID-19 sets the agenda. In response to the new normal, fashion companies may find it essential to strengthen the relationship with key vendors further. Por exemplo, em Frana, a nova legislao prevista para 2023 ir exigir que as marcas coloquem etiquetas no vesturio e nos txteis com a pontuao ambiental de cada artigo, a fim de ajudar os consumidores a tomarem decises de compra mais informadas. The sixth report produced by BoF and McKinsey & Company's The State of Fashion 2022 forecasts a year of recovery, challenge, and change; although "uncertainty", as expressed in the 2021 report, still lingers in the minds of the 222 international fashion executives and experts surveyed. By 2030, that figure is expected to rise to between 3.0 and 3.5 percent. #5 There is a significant opportunities in creating a hyperdigital supply chain. Some companies are leveraging technology to findcompetitive advantages in a supply-chain context when it comes to speed, agility, cost efficiency, and price. However, fashion companies admit, it will remain challenging to plan inventory flow with much precision, which wont change any time soon. but many brands currently have visibility over only direct supplier relationships. Como nos relatrios anteriores, os 10 temas-chave descritos na edio mais recente ajudaro a indstria a moldar as estratgias para 2023., Ana Paula Guimares, scia na McKinsey & Company, afirma que a indstria de moda estava a recuperar da COVID-19, com a receita global a crescer 21% em 2021, e a margem EBITA mdia a subir 6 pontos percentuais, no entanto, a deteriorao das condies macroeconmicas e geopolticas est a ter um forte impacto na indstria no segundo semestre de 2022. Imran Amed is the founder, editor-in-chief, and CEO of the Business of Fashion and an alumnus of the London office. 2. 7. However, while the year ahead will present a welcome shift for some fashion players, ongoing supply chain headwinds, market challenges and macroeconomic risks are set to undermine growth prospects, leaving others . The pandemic is not gonna be over in the near future. Also, RCEP has already made significant changes in the T&A manufacturing industry, but it likely will continue to grow in power as they grow in capacity and consumer demand rises. Campos obrigatrios marcados com *. 1 However, the supply chain disruptions caused by COVID-19 remind fashion companies that building a close and partner-based relationship with capable suppliers also matters. COVID 19 has had a huge impact on the world and the fashion industry is no exception. These questions are the focus of one chapter from The State of Fashion 2022, the latest industry report from McKinsey, in partnership with the Business of Fashion (BoF). In 2021, fashion companies invested between 1.6 and 1.8 percent of their revenues in technology. As noted, RCEP consists of 30% of the global population.This large support at its implementation just a few short weeks ago proves that RCEP has the ability to become a global trading powerhouse. What matters most? Um tero dos executivos de moda citam os desafios aos canais de venda direta ao consumidor como um dos principais temas que ter impacto nos seus negcios no prximo ano. Retailers must effectively communicate with their vendors in order to remain on the same page and effectively manage their merchandise. All rights reserved. In the sixth annual State of Fashion report they mention circular textiles as one of the key elements in the fashion industry for 2022. Transportation, as we can see in companies sourcing maps, can be extremely harsh to the environment and extremely expensive for brands to upkeep. McKinsey Apparel CPO Survey 2021. Moda Fluida: medida que as diferenas entre roupa masculina e feminina diminuem, as marcas tm uma oportunidade de repensar os processos e operaes comerciais a fim de explorar esta evoluo. While this may create some important considerations (for example, to ensure that customer data is protected and that data collection follows best practices), the upside could be the ability to acquire and retain loyal customers. The pandemic has issued an enormous problem regarding efficiency and consumer demands. Reports 2022 State of Fashion 2022 Our highlights of the McKinsey & BoF report that highlights the expected key trends and insights for the (coming) year of 2022. McKinsey_Website_Accessibility@mckinsey.com. Nomeadamente, a economia na China h muito considerada um motor de crescimento da indstria dever abrandar em 2023, com o PIB a subir apenas 3,2%, em comparao com um aumento de 8,1% em 2021, levando alguns executivos de moda a procurar oportunidades noutros locais, pelo menos a curto prazo. Agenda-setting intelligence, analysis and advice for the global fashion community. Like stated in this blog article we can see supply chain disruption continuing in the near future which will create shipping delays going forward. The way consumers shop has changed as well and it is important to keep that in mind when going into the 2022 year. Global spending on virtual goods reached more than $100 billion in 2021, more than doubling the total in 2015, Consumer digital engagement rose sharply during the COVID-19 pandemic, as a result of more hours spent online, new shopping habits, and rising interest in gaming and virtual worlds. Amid the pain from COVID-19: business casualties and . In December 2021, McKinsey & Co and Business of Fashion (BOF) released its annual State of Fashion report. The State of Fashion 2022: Global Gains Mask Recovery Pains, How the Global Wealth Gap Will Impact Fashion, The Year Ahead: Navigating Fashions Uneven Recovery, The Year Ahead: Building Brands With a Metaverse State of Mind. To participate in #BoFLive, BoFs digital events series offering insight, advice and inspiration, visit our calendar where you can find details of upcoming digital events. Advancements in AI, analytics, and cloud computing mean that businesses have the tools to work with all types of data across channels in real time. There are countries of all economic and technological development in this agreement which will be good as every stage of development has something to offer to another stage of development. 10 A presso recai, assim, sobre as marcas para que se mantenham atrativas para os consumidores, dada a difcil conjuntura econmica. 2021 The Business of Fashion. 5. BoF's annual benchmark of fashion's progress towards crucial sustainability goals in-depth performance assessments of the industry's 30 biggest companies and key insights for the year ahead. 133 These price hikes are in part due to ongoing supply chain disruptions that will impact margins . Almost each of these sourcing trends is trying to improve this problem, as consumers demands push for a speedy product delivery. Click here to read our full analysis. Please try again later. As vendas de moda de luxo devero crescer globalmente entre 5% e 10% em 2023, em comparao com o intervalo de 2% negativo e 3% positivo para o resto da indstria. Exhibit 1. Brands could consider joining forces with peers, start-ups, and industry bodies to establish a common data standard and to share data and knowledge via software platforms, open ledgers, and big data technologies. With the supply chain disruption being a current issue shipping delays are expected. 1. Brands should embark on end-to-end value chain integration to create more efficient and more profitable ways of operating. The fifth annual State of Fashion report by The Business of Fashion and McKinsey & Company forecasts that the global fashion industry will find its feet agai. 3 Soon after, more than 75 percent of enterprise-generated data could be processed by cloud or edge computing. According to the report, 60% of fashion executives have already invested or plan to invest in closed-loop . Fashion Open Studio is the showcasing initiative of Fashion Revolution, the world's largest fashion . Como resultado, 56% dos executivos que foram ouvidos para o The State of Fashion 2023 esperam que as condies se agravem em 2023. Connected stores. In the year ahead, companies will unlock new money-making and brand-building opportunities in the digital world, improve sustainability through closed-loop design strategies, which repeatedly recycle textiles so they remain in constant circulation, and emerging technologies like product passports digitised labels which use blockchain and the likes of QR codes to allow consumers access to information about a products materials, manufacturer and other sustainability credentials. As Textile Journey, we are very happy to present to you today the "State of Fashion 2022: "An uneven recovery and new frontiers", a joint work of McKinsey and the BoF Business of Fashion fashion team. As the largest free trade area, the 15 countries that it consists of will reap duty free benefits due to the agreement. Of the fashion customers who made the move to online-shopping channels in 2021, 48 percent said the pandemic was the reason, 27 percent cited convenience, and 11 percent cited product availability and promotions. McKinsey Apparel CPO Survey 2021. BoF's Imran Amed and McKinsey & Company's Achim Berg answer questions about the December report's key findings and predictions. Many weaknesses surfaced. Entre abril e julho de 2022, quase trs quartos dos consumidores nos EUA procuraram marcas lower-cost ou produtos de baixo preo. As one respondent commented, [crises like] pandemics do happen.. Alm disso, espera-se que 50% dos executivos de moda aumentem a presena das suas empresas na Amrica do Norte, no prximo ano. Indeed,fashion executives across different value segments have cited plans to increase prices in 2022, with an average expected rise of 4 % in luxury, 2 % in mid-market and 5 % in value, according to the BoF-McKinsey State of Fashion 2022 Survey. Fashion's largest companies across luxury, high street and sportsw Beyond the shop floor, robotics and stock optimization software can help brands and retailers set up microfulfillment centers, integrating physical stores as digital nodes in their distribution and delivery networks and cutting fulfillment costs by up to 90 percent. BoF and McKinseys annual State of Fashion report forecasts that global fashion sales will surpass their pre-pandemic levels in 2022 after revenues and economic profit fell sharply at the onset of the pandemic. O seu endereo de email no ser publicado. However, the industrys recovery will continue to be uneven, presenting problems for fashion players including supply chain headwinds and various market and macroeconomic risks. A The Business of Fashion (BoF) e a McKinsey & Company lanaram o relatrio "The State of Fashion 2023", no segundo dia do VOICES, encontro anual da BoF para os grandes pensadores da indstria. One of the few certainties in fashion is that nothing stays the same, and the opportunities offered by technology are continuing to evolve as some markets look to move beyond the challenges posed by the COVID-19 pandemic. McKinsey estimate based on expert interviews and inputs. 5. Novas regulamentaes que probam o greenwashing exigem uma maior vigilncia por parte das marcas sobre a informao de sustentabilidade que partilham. According to The State of Fashion report, these will be the ten key trends that will set the agenda in 2022 for the fashion industry: 1. Interruptions like manufacturing issues, transportations issues, or distribution issues make changing sourcing bases necessary. I think it is a good thing and support it. Download the full report to understand the 10 themes that will define the industry in the year ahead and how to navigate the currents . A combinao da guerra na Ucrnia com a . Change), You are commenting using your Twitter account. The start of 2022 was punctuated with much of Japan's fashion industry from major retail giants all the way to niche creatives going gung-ho on Web 3.0's . Click here to read our full analysis. Embora o consistente desempenho da indstria com crescimento de receita de 13% no primeiro semestre de 2022 fornea uma base slida, prev-se que 2023 continue a ser um ano desafiador: o crescimento das vendas globais de moda ser alavancado pelo segmento de luxo at 10%, em comparao com at 3% para o restante da indstria.. BoF and McKinseys annual State of Fashion report forecasts that global fashion sales will surpass their pre-pandemic levels in 2022 after revenues and economic profit fell sharply at the onset of the pandemic. I guess one question I have based on this is, is near-shoring cheaper in the long run or more expensive? With covid-19 and the Hugo boss article, will there be a trend of fashion companies owning production facilities to have more control of production due to the uncertainty? 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