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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