{"id":29989,"date":"2021-04-16T09:33:42","date_gmt":"2021-04-16T14:33:42","guid":{"rendered":"https:\/\/www.ceo-na.com\/?p=29989"},"modified":"2021-04-16T09:33:47","modified_gmt":"2021-04-16T14:33:47","slug":"the-post-pandemic-state-of-fashion","status":"publish","type":"post","link":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/business\/industry\/the-post-pandemic-state-of-fashion\/","title":{"rendered":"The post-pandemic state of fashion"},"content":{"rendered":"

The McKinsey Podcast digs into a<\/strong> transformative year in the technology, trends, and tastes in fashion.<\/strong><\/strong><\/p>

In this episode of of The McKinsey Podcast<\/em><\/a>, Anita Balchandani and Achim Berg talk about the challenges and trends shaping the next wave of fashion. What follows are edited highlights of their conversation. Click the link above to listen to the podcast episode in full.<\/p>

Diane Brady:<\/strong> Hello, and welcome to The McKinsey Podcast<\/em><\/a>. I\u2019m Diane Brady. What a year for fashion it has been. In this show, we\u2019re going to talk about it with two people who know it like few others. Anita Balchandani is a partner in the London office who leads our work in apparel, fashion, and luxury<\/a> in the UK, Europe, the Middle East, and Africa.<\/p>

Achim Berg is a senior partner in Frankfurt and global leader of McKinsey\u2019s Apparel, Fashion & Luxury service line. Together, they co-led The State of Fashion 2021<\/em><\/a> report, which McKinsey publishes jointly with The Business of Fashion. Anita and Achim, welcome.<\/p>

Achim, let\u2019s start with you. What is the state of fashion?<\/p>

Achim Berg:<\/strong> It\u2019s a challenged state. We\u2019ve seen a year like no other. It\u2019s going to be the worst year for the fashion and luxury industry<\/a> since collecting any figures. On development, it\u2019s unprecedented. It\u2019s not comparable to a financial crisis. It\u2019s probably closer to what people must have seen during the Great Depression. So it\u2019s a really bad year and devastating for the industry.<\/p>

Diane Brady:<\/strong> Now, Anita, it\u2019s understandable. We\u2019ve been sitting home. In fact, when I told somebody I was doing this podcast, she said, \u201cThe state of fashion is sweatpants. I haven\u2019t left my home in seven months.\u201d So is this simply a question of obviously retailers have been closed, and that\u2019s simply impeded sales?<\/p>

Anita Balchandani: <\/strong>Great question, Diane. It\u2019s clear that athleisure<\/a> and casual-wear sales have seen a huge acceleration over this pandemic. But let\u2019s not forget, so has digital. While overall industry sales are down\u2014there\u2019s no question about that, especially earlier on in the pandemic when food and health and safety were far more important than fashion on the minds of consumers\u2014what we have seen is a huge acceleration and step change in online channels.<\/p>

In many countries, as of this year, 40 percent of all sales will be digital. As players have seen stores reopen, digital channels<\/a> continue to grow. So we think that has been one of the silver linings and one of the areas of opportunity that the industry has been able to play with and work with over this last year.<\/p>

Achim Berg: <\/strong>We\u2019ve also seen a casualization<\/a> underway.<\/p>

Diane Brady: <\/strong>Casualization? That\u2019s a great term. What does that mean?<\/p>

Achim Berg: <\/strong>It means dresses have become much more casual. But that is not an invention of COVID-19. It\u2019s a trend we\u2019ve seen for a long while: moving away from more formal wear, having casual Fridays not only on Fridays but also from Monday to Thursday. Of course, working from home without the restrictions that you typically have in an office has an impact on how you dress.<\/p>

On the other hand, we should not forget that we\u2019re lacking many occasions for which people dress up. Weddings have been canceled and postponed. Concerts have been canceled. A lot of culture and people-gathering had to be canceled due to the pandemic. All of that has an impact on how we dress, what we shop for, and how we shop for it.<\/p>

Diane Brady:<\/strong> So when I look at the reports from previous years, Anita, you do talk a lot about the disruption in the industry. Has this accelerated the trends that you were already watching?<\/p>

Anita Balchandani: <\/strong>What we\u2019ve seen through COVID-19 is indeed an acceleration of a lot of the trends that were already underway. Whether you look at digital, sustainability, or even athleisure and casualization, these were all trends that we were seeing before the crisis. If anything, they\u2019ve been amplified over the course of the crisis.<\/p>

There definitely have been a few things that you could pin specifically on the crisis. One is clearly international travel, which has driven segments like luxury and travel retail and has clearly stalled. That was probably one of the areas where we saw a stalling or reversal of a trend. But in everything else that we look at, COVID-19 has accelerated many of the trends that we\u2019ve seen.<\/p>","protected":false},"excerpt":{"rendered":"

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