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Industry News: The State of Fashion 2018

The Future of the Fashion Industry

“The State of Fashion 2018”: BoF and McKinsey point to trends in the global fashion industry 2018

How will the fashion industry evolve this year? What will be the most influential trends in the apparel business? The first answers to these questions are available right now in the joint study carried out by the fashion and media enterprise Business of Fashion (BoF) and the management consulting service providers McKinsey. For the report “The State of Fashion 2018” 500 fashion companies were analysed and 230 industry experts consulted. One of the major findings: the emerging markets are overtaking the Western world in sales.

The global fashion industry is showing an upward trend. While the revenue in the fashion industry in 2017 grew between 2.5 and 3.5 per cent, the authors of the report expect average figures of between 3.5 and 4.5. per cent for 2018. The revenue growth is therefore three times that of the weak 2016, but still below the long-term mean value of 5.5 per cent. What’s particularly interesting about the development is that this trend is being driven mainly by emerging nations in Asia, Africa and Latin America, as well as emerging countries in Europe. “In 2018 for the first time, more than half of apparel and footwear sales will originate outside of Europe and North America”, states Imran Amed, founder and editor-in-chief of BoF. “This is an important turning point. Fashion managers throughout the industry are continuing to focus on growth in the midst of a dynamic transformation in which new technologies, new consumer trends and an unforeseeable macroeconomic environment constantly challenge management to adapt their strategies and operating models.”

The authors also identify ten trends that will have a strong impact on the fashion industry over the coming year – including trends that affect the fashion system per se, such as the growing importance of sustainability and the use of artificial intelligence along the entire value chain.

Further information is available here:
https://cdn.businessoffashion.com/reports/The_State_of_Fashion_2018_v2.pdf

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