(ANSA) – MILAN, 02 DEC – The recovery of the global fashion industry is expected in 2022, with sales that will exceed the levels recorded in 2019 between 3% and 8%: it will be more marked in China and in the United States, and slower in Europe.
This was stated by ‘The State of Fashion 2022’, an annual survey published by The Business of Fashion (BoF) and McKinsey & Company, based on exclusive interviews and a survey conducted among over 220 business managers and fashion experts.
The report shows that supply chain pressures were identified by respondents as the main challenge that could jeopardize the pace of this recovery, so much so that 67% of companies plan to raise prices next year. Sustainability is confirmed at the top of the list of priorities, with 60% of companies increasing their investments in closed-loop recycling solutions to reduce their environmental impact. Digital represents the main growth opportunity for 32% of the interviewees, followed by sustainability (12%).
According to the McKinsey Global Fashion Index, in 2020 the industry had recorded a negative economic result for the first time in at least a decade, leading to a strong consolidation of the sector in both 2020 and 2021. 69% of companies lost value. recording disappointing performances for the entire sector. However, the index highlights that the recovery appears to be in the shape of a ‘V’, given that the performance in the first half of 2021 indicates a possible return to a positive economic result by 2022. (ANSA).
.
Source From: Ansa
I have been working in the news industry for over 10 years now and I have worked for some of the biggest news websites in the world. My focus has always been on entertainment news, but I also cover a range of other topics. I am currently an author at Global happenings and I love writing about all things pop-culture related.
