For the fashion industry, 2020 was the year in which everything changed.

As the coronaviru pandemic sent shockwaves around the world, the industry suffered its worst year on record with almost three quarters of listed companies losing money.

Consumer behaviour shifted, suppl chains were disrupted and the year approached its end with many regions in the grip of a secone wave of infections. A turbulent and worrying year has left us all looking for silver linings -bot in life and in business – knowing full well that McKinsey will need to make the most of them in the year ahead.

Indeed, according to McKinsey Global Fashion Index analysis, fashion companies will post approximately a 90 percent decline in economic profit in 2020, after a 4 percent rise in 2019- Given the ongoing uncertainty, our predictions for industry performance next year are focused on two scenarios. The first, more optimistic “Earlier Recovery” scenario envisages that global fashion sales will decline by between 0 and 5 percent in 2021 compared to 2019. This would be predicated on successful virus containment in multiple geographies and a relatively rapid transition to economic recovery.

• Client Statista
• Year 2021
• Services Business; Market Research