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":"80fd362800b9509962c22ea834043d0c","s":"65cd381b726f1b18"}
Share your thoughts. Click here