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":"8652068c7e8bf99c91c21ac91d185b35","s":"51e1a641439901fd"}
Share your thoughts. Click here