Forecasting trends, numbers, problems and positive outlooks within the fashion sector. The Business of Fashion and McKinsey & Company launched the fourth in-depth annual report, The State of Fashion 2020.
Compared to last year, were positivity in North America and the luxury segment keep growing, today we find negative aspects across different geographies and price points.
According to The McKinsey Global Fashion Index (MGFI), there will be challenging times awaiting, as that global fashion industry growth might slow down to 3 to 4 % slightly below predicted growth for 2019.
The global fashion system is massively; energy-consuming, polluting and wastefully. Despite some modest progress, to date, the industry has not thought about its environmental and human responsibility seriously enough.
Today, fashion players are under pressure to be digital-first, invest in innovation and new technologies, R&D, to deliver short-term sustainability goals and transform the current fashion economic model.
Fashion players, must deliver a clear understanding to its consumers, and become fully transparent to change towards a greater industry.
Twenty – Twenty, could seem overwhelming and a difficult year for the industry, but it will be significantly more challenging for those companies that don’t address, climate change, diversity, and inclusion.
The report showcases 10 Top Fashion Industry themes that will set an agenda in 2020, and some of them directly address to sustainable fashion agenda.
TOP FASHION INDUSTRY THEMES THAT WILL SET A SUSTAINABLE AGENDA IN 2020
Fashion players must take action across all borders and the whole supply chain, and find a way to transmit and make understand their actions, commitment and message to their audience.
The future of materials lies in high-tech, reengineering, and material science. To replace conventional materials, fibres, finishes, and waste.
Fashion players, to become positive advocates and to include diversity and inclusion across every touchpoint of the company.
KEYWORDS TO KEEP IN MIND FOR 2020
- Climate change consciousness
- Diversity and Inclusion
- Meaningful action
- Transformation of fashion system
- Materials Revolution
- High Tech AR&D to scale innovation
- Proactive advocates
We encourage all fashion players to download and analyze the report, to have a deep understanding of what is awaiting for 2020.
This short video, showcases the 10 key points discussed along with the report.
Download the Report here