The State of Fashion 2021 - McKinsey & Company

The State

of Fashion

2021

3

The State

of Fashion

2021

CONTENTS

Executive Summary

8¡ª9

10¡ª13

GLOBAL ECONOMY

16¡ª33

01: Living with the Virus

Jumia: Balancing Speed with Discipline in a Crisis

17

20

02: Diminished Demand

Covid-19 and the New Era of Luxury

23

29

34¡ª57

35

38

41

04: Seeking Justice

Louis Vuitton: Hardwiring Accountability in a State of Flux

45

48

05: Travel Interrupted

Selfridges Group: Managing the Pivot to Local Shopping

52

55

58¡ª99

59

63

07: Opportunistic Investment

67

08: Deeper Partnerships

Shahi Exports: Reforming the Fashion Supply Chain

Risk, Resilience and Rebalancing in the Apparel Value Chain

70

74

77

09: Retail ROI

H&M Group: Making Retail More Resilient

Mapping the Retail Portfolio of the Future

81

85

89

10: Work Revolution

96

BEAUTY

2021

06: Less is More

A More Circular Fashion Industry Will Require a Collective Effort

THE STATE OF BEAUTY 2021

FASHION

SYSTEM

03: Digital Sprint

Kering: Fast-Tracking a Digital Upgrade

Alibaba: Innovating for China¡¯s Advanced Ecosystem

FASHION SYSTEM

CONSUMER

SHIFTS

CONSUMER SHIFTS

GLOBAL

ECONOMY

Industry Outlook

100¡ª107

MGFI

MCKINSEY GLOBAL FASHION INDEX

108¡ª115

Glossary

116

End Notes and Infographics

118

7

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