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":"2f3d8f861738a232aa9624a2e8a9ce6e","s":"197e580d456e5fda"}
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