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The State of Fashion 2021 is a comprehensive industry report that provides insights into the current state of the fashion industry. The report covers various aspects of the industry, including the global economy, consumer shifts, and the fashion system. The report highlights the impact of the COVID-19 pandemic on the industry, with a focus on the digital shift, justice, and travel interruptions. The report also discusses the need for a more circular fashion industry and the importance of opportunistic investment and deeper partnerships. The report concludes with a discussion on retail return on investment and the need for resilience in the apparel value chain. Overall, the report provides valuable insights into the current state of the fashion industry and the challenges and opportunities it faces.