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.
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","iv":"1a472078c00eb6a9c28af35cc6ba995d","s":"279ac4a589c3dd2e"}
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