McKinsey news and archive

8 ecommerce pricing tactics for boosting sales and profit margins

Credits: Image: Shopify, via Shopify archive Having a solid pricing strategy is key to succeeding in today’s ever-increasingly competitive ecommerce world. As consumers continue to prioritize finding the best value for their money, online retailers need to ensure their pricing strategy is as effective as possible. Crucial for shaping a brand’s...

BusinessFeatured

Report forecasts uncertainty for the fashion industry in 2024

The fashion industry’s outlook has never been so uncertain, as geopolitical upheaval, climate challenges and nagging inflation keep markets unsteady. The new challenges in a post-covid climate directly impact consumer confidence, as highlighted in The State of Fashion 2024 report, a collaborative effort by McKinsey & Company and Business of...

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McKinsey sporting goods report 2023: 'Preserve demand and build resilience'

The World Federation of Sporting Goods Industry (WFSGI) and McKinsey & Company have teamed up once again to present their annual sporting goods industry report. Its title highlights the need of the hour - “Sporting Goods 2023 – The need for resilience in a world in disarray”. The third edition of the report looks at the dynamics driving...

Fashion

Despite global recession, shoppers care about a product's environmental credentials

At the annual climate change conference, COP27 began with a dire message from the United Nations Secretary General, Antonio Guterres: “We are on a highway to climate hell with our foot on the accelerator.” While the fashion industry scrambles to reconcile its greenwashing of unattainable pledges to achieve net zero emissions by 2025 or even 2030...

Business

New report suggests metaverse could be five trillion dollar sector by 2030

A new report by McKinsey & Company has suggested that the metaverse’s potential economic value could see it generate up to five trillion dollars in impact by 2030. According to the management consulting firm, digital worlds are quickly becoming the biggest new growth opportunity for a number of industries over the next decade, including...

Fashion Featured

LuisaViaRoma enters resale market in partnership with Vestiaire Collective

LuisaViaRoma is launching a resale platform in partnership with second-hand luxury e-tailer Vestiaire Collective. The Italian fashion company will enable customers to sell pre-loved clothing from over 40 of its luxury brands, including Balenciaga and Dior, in exchange for gift cards that can be used within the online store. The initiative will...

Fashion |Report Featured

Fashion industry to double down on tech investment to stay competitive

Last week Bored Ape Yacht Club, a non-fungible token (NFT) collection built on the Ethereum blockchain, sold the biggest metaverse NFT project to date, with over 320 million dollars of assets sold in one mint. The news comes as fashion companies are set to invest record amounts in technology, nearly doubling their stake from 1.6 percent in 2021...

Fashion Featured

Will 2022 be the year of legislation for the fashion industry?

As fashion’s superpower brands recalibrate their retail footprints and prioritise environmental and social advancement, 2022 may be the year of legislation, forcing the industry to take responsibilities for its actions. With governments monitoring how fashion businesses operate, unsustainable practices will come with legal and financial...

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Circularity and the metaverse: 2022’s State of Fashion report is here

As it comes to the year’s end, businesses have started to detect the subtle light at the end of the covid tunnel. The pandemic has forced the fashion industry to adapt to a ‘new normal’ and the development in technology has contributed a significant impact to the direction fashion is progressing. Looking ahead to the not-so-near future, The...

Fashion Featured

The key trend at New York Fashion Week? Navigating an industry in flux

As the women’s ready to wear shows start off yet another digital season, what will happen to the fashion industry in 2021? Companies must pay attention to five trends that Covid-19 accelerated as our new normal, according to insights by McKinsey. These are a drop in demand, a substantial shift to digital shopping, renewed consumer attention to...

Business

McKinsey and BoF find 90 percent profit decline for the fashion industry

The Business of Fashion and McKinsey Company have released a report examining the future of the 2.5 trillion dollar global fashion industry. The report forecasted a staggering 90 percent economic profit decline across the industry in 2020. This marks the worst year on record, while global fashion sales will decline 15 to 30 percent in 2020...

BusinessFeatured

Post lockdown luxury outlook

Back in April, at the start of a global lockdown in response to the coronavirus pandemic, analysts and experts warned of a new era to come for the fashion and luxury industries. Nine months later, at the onset of a second lockdown forcing retail closures in the U.K. and across Europe, almost no CXOs expect a return to normal, according to a...