2025年时尚报告

ACKNOWLEDGEMENTS The authors would like to thank Lois Buck, Catarina Cawén, Rachel Sandri and Chloe Tait fromMcKinsey’s London and Boston offices for their critical roles in delivering this report. We would alsolike to thank Abhishek Goel for his significant contribution to the MGFI article again this year. A special thanks to all members ofThe Business of Fashionand the McKinsey communities for theircontributions to the research and participation in the BoF-McKinsey State of Fashion 2025 ExecutiveSurvey and the BoF-McKinsey State of Fashion 2025 Consumer Survey, especially the many industryexperts who generously shared their perspectives during interviews. In particular, we would like to thankCarlos Casado, Michael Kliger, Patrice Louvet, Santiago Poveda, Joe Preston, Nandita Sinha, NikhilThukral, Illya Symonenko, Libby Wadle and Jennifer Wong. The wider BoF team has also played an instrumental role in creating this report — in particular, NickBlunden, Sheena Butler-Young, Anushka Challawala, Cathaleen Chen, Niamh Coombes, Amanda Dargan,Jael Fowakes, Fred Galley, He Jia, Sarah Kent, Rawan Maki, Daniel-Yaw Miller, Malique Morris, AlexNegrescu, Anna Rawling, Darcey Sergison, Lillian Sesiguzel, Arunima Sharma, Arnika Thakur, Amy Vien,Amy Warren, Michelle Wiles, Josephine Wood and Robb Young. We would like to thank the following McKinsey colleagues for their special contributions to the reportcreation and in-depth articles: Amine Abidi, Kari Alldredge, Sarah André, Ugo Apuzzo, MagdalenaBalcerzak, Pamela Brown, Tiffany Burns, Inés Casanovas, Becca Coggins, Sandrine Devillard, AdarshDhingra, David Fuller, Antonio Gonzalo, Brian Gregg, Kenza Haddioui, Holger Harreis, Gerry Hough,Julian Hügl, Daniel Hui, Patricio Ibáñez, Nikola Jakic, Jonatan Janmark, Sajal Kohli, Franck Laizet, NikolaiLangguth, Ray Liu, Lucrezia Luti, Clarisse Magnin, Karl-Hendrik Magnus, Siddhant Malhotra, ApurvaMisra, Alexandra Mondalek, Jessica Moulton, Olga Ostromecka, Gizem Ozcelik, Lauren Pak, Emily Reasor,Roger Roberts, Kelsey Robinson, Amaury Saint Olive, Carlos Sánchez Altable, Alice Scalco, JenniferSchmidt, Alexander Silwer, Sven Smit, Nadya Snezhkova, Marie Strawczynski, Rickard Ström, WiktoriaSzułcik, Corinne Teschner, Alexander Thiel, Martha Torres, Yasufumi Tozuka, Lei Xu, Bruce Xia, ChenanXia, Liann Wu, Rebecca Zhang. We’d also like to thank Marie Victoire de Bascher for the cover illustration. CONTENTS 73Fashion System 6Executive Summary Theme 06:The Human Side of SalesTheme 07:Marketplaces DisruptedTheme 08:Sportswear ShowdownTheme 09:Inventory ExcellenceTheme 10:The Sustainability Collective 8Industry Outlook 16Global Economy Theme 01:Trade ReconfiguredTheme 02:Asia’s New Growth Engines McKinsey GlobalFashion Index129 39Consumer Shifts Theme 03:Discovery ReinventedTheme 04:Silver SpendersTheme 05:Value Shift CONTRIBUTORS ANITA BALCHANDANI IMRAN AMED GEMMA D’AURIA MARC BAIN Imran Amed is one of the global fashion industry’sleading writers, thinkers and commentators, andis founder, chief executive and editor-in-chief ofThe Business of Fashion(BoF), a modern mediacompany and the authoritative voice of the globalfashion and luxury industries. Imran holds anMBA from Harvard Business School and a B.Comfrom McGill University. He was born in Canadaand holds British and Canadian citizenship.Previously, Imran was a management consultantat McKinsey & Co. Gemma D’Auria is a McKinsey senior partner andleader of the firm’s global Apparel, Fashion& Luxury sector. She has worked extensively inNorth America, Europe and the Middle Eastsupporting retail, fashion and luxury players andfamily-owned businesses in shaping bold strategicagendas and driving transformations for higherperformance and organisational health. Gemmais also a leader of McKinsey’s CEO Excellenceinitiative and is passionate about supporting theleadership journeys of top teams and CEOs. Anita Balchandani is a senior partner inMcKinsey’s London office. Anita co-leads theApparel, Fashion & Luxury sector in EMEA.She works with global brands and retailers inshaping ambitious growth agendas, drivingdigital transformation and designing winningmodels for the future. Anita also worksextensively in the private equity space leadingdiligence and value creation plan supportacross numerous growth equity transactions. The senior technology correspondent atTheBusiness of Fashion, Marc Bain reports on theinnovations reshaping the global fashionindustry and writes a weekly tech newsletter.In his career as a reporter, including severalyears as the fashion reporter atQuartz, he hascovered all aspects of the industry, fromgarment workers to the runway, and in 2021received an award in business journalism. BRIAN BASKIN COLLEEN BAUM DAVID BARRELET HANNAH CRUMP The Business of Fashionexecutive editor BrianBaskin oversees the publication's award-winning coverage of beauty, retail, technology,marketing and other topics. Brian is a veteranfinancial journalist, joining BoF fromT