This #BoFMasterclass event was based on the ‘The State of Fashion 2022: Global Gains Mask Recovery Pains’ report. Click here to read our full analysis.
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. 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 product’s materials, manufacturer and other sustainability credentials. However, the industry’s recovery will continue to be uneven, presenting problems for fashion players — including supply chain headwinds and various market and macroeconomic risks.
On the latest edition of BoF Masterclass, BoF founder and chief executive Imran Amed and Achim Berg, senior partner, global apparel, fashion and luxury group lead at McKinsey & Company unpack findings from The State of Fashion 2022: Global Gains Mask Recovery Pains and talk recovery strategies as well as what opportunities and challenges fashion leaders should be on the lookout for.
“The industry is clearly chasing opportunities, and we would hope that in the way the pandemic is becoming endemic, there will be new appetite for dressing up, partying and there will be occasions for it,” said Berg. “But, it will require agility to deal with that.”
To participate in #BoFMasterclass, BoF’s digital events series offering insight, advice and inspiration, visit our calendar where you can find details of upcoming digital events.
