Research
November 30, 2022
Upscale fashion is expect to fare better than fast fashion and other tiers in 2023, per a new study from McKinsey & Company and The Business of Fashion. Image credit: McKinsey, Business of Fashion
By Marybeth Connaughton
The fashion industry will likely face a downturn on a global scale, according to “The State of Fashion 2023” report co-authored by management consultancy McKinsey & Company.
{"ct":"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","iv":"459017dcf0692cfb7b7535747b0836db","s":"37fe35e1497cd496"}
Share your thoughts. Click here