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| • | Here’s looking at you—virtually. The fashion industry is expanding beyond the physical world into the digital one, bringing digital clothing to life through computers instead of factories. People can now wear virtual apparel on social media or in virtual work meetings. They can buy virtual fashion through digital photos, gaming programs, and augmented-reality videos. Big companies are leaping into the virtual fashion market, which could be worth more than $55 billion by 2030. [NPR] | | | | • | Comfier work wear. The meaning of business casual has gotten fuzzy, thanks to relaxed work-from-home days and virtual meetings for the past two years. Now that many employees are returning to the office, dressing for work outside the home has gotten tricky. Companies are capitalizing on new trends to provide some level of comfy fashion without crossing the line. One e-store owner sells “easy pants” with stretchy waistbands that “won’t raise eyebrows” at work. [WSJ] | | | | • | Fashion is finding its feet. In 2020, a record 69% of fashion companies destroyed value, compared with 61% in 2019 and 28% in 2011, according to McKinsey analysis. About 7% of brands left the market altogether. But after two tumultuous years, global fashion is ready to find its feet once again. Still, the industry faces significant challenges, including choked supply chains, patchy demand, and persistent struggles to turn a profit. | | | | • | Digital fashion. New trends in online fashion are exploding—for example, brands experimenting with nonfungible tokens and holding virtual events in the metaverse. Some companies are also creating virtual fashion collections that let users buy exclusive products for their online avatars. Along with the demands of digital, fashion leaders are grappling with tough decisions, including how to address sustainability concerns, compete for tech talent, and deal with potential product shortages. See ten themes that will be critical for the fashion industry in 2022. | | | | — Edited by Vanessa Burke | | This email contains information about McKinsey’s research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. | | You received this email because you subscribed to the On Point newsletter. | | | | Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007 | | | |
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