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":"52055f626ed3aa3a894c1670fab81a2f","s":"ddf593ce79ff1f26"}
Share your thoughts. Click here