53 in	the
  46 of	the
  35 will	be
  25 and	the
  25 the	fashion
  21 of	Fashion
  19 is	a
  18 for	the
  17 State	of
  17 to	our
  17 to	provide
  16 we	will
  15 Business	of
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  15 Please	email
  15 The	State
  15 We	strive
  15 about	this
  15 access	to
  15 at:	McKinsey_Website_Accessibility@mckinsey.com
  15 be	happy
  15 content	we
  15 disabilities	equal
  15 email	us
  15 equal	access
  15 happy	to
  15 individuals	with
  15 information	about
  15 like	information
  15 on	the
  15 our	website.
  15 percent	of
  15 provide	individuals
  15 strive	to
  15 this	content
  15 to	the
  15 to	work
  15 us	at:
  15 website.	If
  15 with	disabilities
  15 with	you.
  15 work	with
  15 would	like
  15 you	would
  15 you.	Please
  14 the	industry
  13 fashion	industry
  13 more	than
  13 percent	in
  13 with	the
  12 				
  12 					
  12 						
  12 						Exhibit
  12 			We
  12 McKinsey_Website_Accessibility@mckinsey.com		
  12 as	the
  12 the	Business
  11 partner	in
  10 to	be
   9 over	the
   9 the	industry’s
   8 At	the
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   8 be	the
   8 continue	to
   8 fashion	companies
   8 need	to
   8 one	of
   8 such	as
   8 the	same
   7 Felix	Rölkens
   7 Global	Fashion
   7 and	Felix
   7 compared	with
   7 from	the
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   7 some	of
   7 the	United
   7 the	global
   7 the	pandemic
   7 they	are
   7 to	a
   6 20	percent
   6 Europe	and
   6 McKinsey	Global
   6 before	the
   6 expected	to
   6 in	2021
   6 in	our
   6 is	an
   6 is	the
   6 number	of
   6 sales	growth
   6 that	will
   6 the	McKinsey
   6 the	past
   6 the	year
   6 we	expect
   5 ABOUT	THE
   5 CEO	of
   5 Imran	Amed,
   5 THE	AUTHOR(S)
   5 The	authors
   5 The	industry
   5 This	is
   5 across	the
   5 and	CEO
   5 and	a
   5 are	also
   5 as	a
   5 as	well
   5 be	a
   5 continues	to
   5 expect	a
   5 expert	in
   5 fashion	executives
   5 for	a
   5 for	fashion
   5 full	report
   5 in	2018,
   5 likely	to
   5 of	a
   5 of	digital
   5 of	fashion
   5 report	on
   5 same	time,
   5 senior	expert
   5 senior	partner
   5 the	COVID-19
   5 the	Frankfurt
   5 the	Munich
   5 the	coming
   5 the	first
   5 the	full
   5 the	most
   5 the	top
   5 this	article
   5 to	this
   5 top	20
   5 well	as
   4 4	percent
   4 40	percent
   4 Achim	Berg,
   4 Anita	Balchandani
   4 By	Imran
   4 Download	The
   4 Fashion	2020,
   4 Fashion	Index
   4 Hedrich	is
   4 Imran	Amed
   4 McKinsey’s	London
   4 Saskia	Hedrich
   4 Saskia	Hedrich,
   4 a	year
   4 agenda	in
   4 and	fashion
   4 and	footwear
   4 apparel	and
   4 are	some
   4 around	the
   4 article	is
   4 at	the
   4 authors	wish
   4 by	the
   4 companies	have
   4 companies	that
   4 consultant	in
   4 contributions	to
   4 driven	by
   4 editor-in-chief,	and
   4 executives	are
   4 fashion	players
   4 findings	from
   4 focusing	on
   4 for	their
   4 founder,	editor-in-chief,
   4 from	our
   4 has	been
   4 in	2018
   4 in	2019.
   4 in	2020
   4 in	2020,
   4 in	Europe
   4 in	partnership
   4 industry	is
   4 into	a
   4 is	based
   4 is	one
   4 of	Fashion,
   4 of	global
   4 office,	where
   4 on	which
   4 our	annual
   4 our	latest
   4 partnership	with
   4 players	are
   4 ten	trends
   4 that	the
   4 the	Berlin
   4 the	dust
   4 the	findings
   4 the	founder,
   4 the	value
   4 their	contributions
   4 there	is
   4 to	grow
   4 to	manage
   4 to	thank
   4 trends	that
   4 we	are
   4 which	this
   4 wish	to
   4 with	their
   4 written	in
   4 year	ahead.
   3 			Exhibit				
   3 			Exhibit	1
   3 			Exhibit	2
   3 (Exhibit	1).
   3 (Exhibit	2).
   3 1				
   3 2				
   3 2	to
   3 30	percent
   3 Achim	Berg
   3 Amed	is
   3 Amed,	Anita
   3 Anita	Balchandani,
   3 Balchandani	is
   3 Berg	is
   3 Berg,	Saskia
   3 Berlin	office.
   3 Fashion’s	Robb
   3 Given	the
   3 Jakob	Ekeløf
   3 London	office,
   3 MB).	ABOUT
   3 North	America.
   3 On	the
   3 Our	first
   3 Robb	Young,
   3 Rölkens	is
   3 The	Business
   3 These	are
   3 We	expect
   3 We	see
   3 Young,	for
   3 a	consultant
   3 a	consultant;
   3 a	modest
   3 a	partner
   3 a	strong
   3 about	the
   3 affecting	the
   3 align	with
   3 all	other
   3 also	be
   3 and	North
   3 and	to
   3 and	uncertainty
   3 are	expected
   3 are	highly
   3 as	they
   3 associate	partner
   3 become	more
   3 by	category,
   3 category,	segment,
   3 changes	to
   3 companies	are
   3 companies	in
   3 companies	to
   3 conditions	for
   3 consultant;	Achim
   3 consumers	and
   3 consumers	are
   3 define	the
   3 dust	settles
   3 economic	profit
   3 economy	and
   3 end	of
   3 fashion	system,
   3 fragmented,	complex
   3 geographies	and
   3 group	of
   3 in	2019
   3 in	China
   3 in	McKinsey’s
   3 in	a
   3 in	particular
   3 industry	leaders
   3 industry	to
   3 into	the
   3 is	in
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   3 it	will
   3 lead	to
   3 market	segments
   3 of	Fashion.
   3 of	Fashion’s
   3 of	apparel
   3 of	executives
   3 of	its
   3 of	this
   3 office.	Imran
   3 optimistic	about
   3 over	recent
   3 percent	sales
   3 reflected	in
   3 reflecting	the
   3 report,	The
   3 rise	of
   3 see	a
   3 shape	the
   3 shifting	consumer
   3 shocks	to
   3 source	of
   3 thank	McKinsey’s
   3 that	can
   3 the	biggest
   3 the	crisis
   3 the	digital
   3 the	economic
   3 the	industry.
   3 the	key
   3 the	new
   3 the	next
   3 the	potential
   3 the	ten
   3 this	article.
   3 through	the
   3 to	4
   3 to	become
   3 to	get
   3 to	share
   3 value	segment
   3 wear	is
   3 will	define
   3 will	probably
   3 year	in
   2 			Exhibit	3
   2 		All
   2 		The
   2 (PDF–3	MB).
   2 (a	senior
   2 (compared	with
   2 1	to
   2 1).		
   2 10	percent
   2 12	to
   2 2016	was
   2 2016,	the
   2 2017	will
   2 2018	than
   2 2019	baseline
   2 2019	will
   2 2019.		
   2 2020	year-on-year,
   2 2021	(compared
   2 2021	to
   2 3				
   2 3.5	to
   2 35	percent
   2 5	to
   2 5.5	percent
   2 6	percent
   2 7.5	percent
   2 9	percent
   2 AUTHOR(S)	Anita
   2 According	to
   2 After	a
   2 Against	this
   2 Although	the
   2 Athletic	wear
   2 Balchandani,	Achim
   2 COVID-19	pandemic
   2 Ekeløf	Jensen
   2 External	shocks
   2 Fashion	(BoF).
   2 Fashion	2021
   2 Fashion	is
   2 Fashion.	The
   2 Frankfurt	office,
   2 Frankfurt	office;
   2 Hedrich,	and
   2 However,	there
   2 In	fact,
   2 In	response,
   2 In	the
   2 Index	forecasts
   2 Johanna	Andersson
   2 London	office),
   2 Looking	forward,
   2 McKinsey’s	Tiffany
   2 Munich	office;
   2 North	America
   2 Once	the
   2 Perhaps	unsurprisingly,
   2 Rölkens	The
   2 Ten	themes
   2 Ten	trends
   2 The	average
   2 The	bottom
   2 The	crisis
   2 There	is
   2 They	need
   2 United	States
   2 United	States.
   2 We	also
   2 We	predict
   2 When	it
   2 With	the
   2 a	chance
   2 a	combination
   2 a	continued
   2 a	few
   2 a	number
   2 a	range
   2 a	significant
   2 a	source
   2 acceleration	of
   2 across	geographies
   2 affordable	luxury
   2 after	the
   2 alongside	the
   2 also	have
   2 although	the
   2 alumnus	of
   2 an	alumnus
   2 an	associate
   2 an	imperative
   2 an	industry
   2 an	opportunity
   2 analysis,	focusing
   2 and	Nike,
   2 and	an
   2 and	analysis,
   2 and	by
   2 and	consumers
   2 and	data
   2 and	growth
   2 and	immediate
   2 and	its
   2 and	leveraging
   2 and	midsize
   2 and	opportunities
   2 and	price
   2 and	private
   2 and	product
   2 and	region.
   2 anxiety	and
   2 are	executives
   2 are	likely
   2 are	now
   2 are	seeing
   2 areas	in
   2 article.	By
   2 as	China
   2 as	players
   2 at	5.5
   2 at	a
   2 at	least
   2 athletic	wear
   2 background,	fashion-industry
   2 based	(PDF–3
   2 based	on
   2 baseline	figure).
   2 be	an
   2 be	taken
   2 be	those
   2 because	of
   2 been	a
   2 been	under
   2 beginning	of
   2 billion	in
   2 bottom	line
   2 brands	for
   2 business	models,
   2 but	the
   2 by	industry
   2 by	new
   2 by	social
   2 can	turn
   2 cannot	be
   2 chance	to
   2 combination	of
   2 comes	to
   2 coming	year
   2 companies	with
   2 complex	ecosystem.
   2 consistent	with
   2 consumer	behavior,
   2 consumers	expect
   2 consumers	trading
   2 counterparts.		
   2 coupled	with
   2 courage	to
   2 crisis	has
   2 crisis	is
   2 crisis	management
   2 customer	demand.
   2 customer	insights
   2 defining	the
   2 demand	across
   2 demand	in
   2 digital	channels
   2 digital	channels,
   2 down	from
   2 economic	outlook
   2 ecosystem.	Our
   2 even	more
   2 expect	conditions
   2 fashion	agenda
   2 fashion	business
   2 fashion	economy
   2 fashion-industry	fortunes
   2 fashion-industry	sales
   2 finds	that
   2 first	time,
   2 footwear	sales
   2 for	2020
   2 for	many
   2 for	radical
   2 for	rigorous
   2 for	small
   2 fortunes	are
   2 fortunes	of
   2 foundation	for
   2 from	consumers
   2 from	luxury,
   2 global	economy
   2 global	economy,
   2 global	players
   2 grow	in
   2 growing	influence
   2 growth	and
   2 growth	by
   2 growth	cannot
   2 growth	in
   2 growth	is
   2 growth	will
   2 half	of
   2 has	remained
   2 have	already
   2 have	become
   2 have	been
   2 have	reached
   2 have	taken
   2 have	the
   2 have	to
   2 highly	polarized.
   2 how	to
   2 impact	of
   2 improve	in
   2 in	2016,
   2 in	2017,
   2 in	China,
   2 in	North
   2 in	financial
   2 in	last
   2 in	many
   2 in	this
   2 in	which
   2 in-depth	research
   2 industry	continues
   2 industry	has
   2 industry’s	fragmented,
   2 influence	of
   2 innovation	will
   2 insights	into
   2 invest	in
   2 is	also
   2 is	consistent
   2 is	more
   2 is	not
   2 is	now
   2 is	particularly
   2 is	reflected
   2 issues,	and
   2 it	comes
   2 it	is
   2 it	was
   2 its	performance.
   2 joint	report
   2 just	at
   2 laid	the
   2 large	global
   2 last	year.
   2 last	year’s
   2 latest	reading
   2 latest	report,
   2 leaders	and
   2 leading	fashion
   2 levels	of
   2 linked	to
   2 list	of
   2 luxury,	value,
   2 made	it
   2 major	themes
   2 marketing,	and
   2 markets	such
   2 markets,	and
   2 may	also
   2 meanwhile,	reveals
   2 mood	among
   2 more	to
   2 most	successful
   2 new	insights
   2 new	technologies.
   2 next	normal.
   2 next	year
   2 not	only
   2 of	1
   2 of	Europe
   2 of	McKinsey’s
   2 of	change
   2 of	companies
   2 of	customer
   2 of	individual
   2 of	more
   2 of	organic
   2 of	our
   2 of	publicly
   2 of	recovery
   2 of	respondents
   2 of	them
   2 offering	will
   2 office,	and
   2 office;	Saskia
   2 office;	and
   2 once	the
   2 one-and-a-half	percentage
   2 online	and
   2 online	sales
   2 opportunities	affecting
   2 opportunities	and
   2 opportunity	to
   2 or	have
   2 organic	growth
   2 originate	outside
   2 our	executive
   2 our	ten
   2 outlook	for
   2 outlook	in
   2 outlook	is
   2 part	of
   2 particular	is
   2 percent	for
   2 percent	who
   2 percentage	points.
   2 performance	by
   2 performance	of
   2 planning	for
   2 positive	growth
   2 pressure	on
   2 price	points
   2 private	companies
   2 probably	be
   2 purchase	decisions
   2 quarter	of
   2 range	of
   2 reading	of
   2 recent	months
   2 recent	months,
   2 research	and
   2 reshaped	by
   2 respondents	to
   2 reveals	new
   2 rigorous	in-depth
   2 sales	growth,
   2 sales	will
   2 same	time
   2 sector	and
   2 see	more
   2 segment	have
   2 segment,	and
   2 segments	and
   2 set	to
   2 settles	on
   2 sharpen	their
   2 show	that
   2 signs	of
   2 slightly	below
   2 slow	to
   2 small	and
   2 social	media
   2 sources	of
   2 speed	and
   2 stance	on
   2 state	of
   2 stock	market
   2 store	closures
   2 strength	of
   2 suggest	that
   2 super	winners
   2 supply	chains,
   2 system	continue
   2 taken	for
   2 ten	key
   2 terms	with
   2 than	20
   2 than	double
   2 than	ever.
   2 than	half
   2 than	the
   2 than	their
   2 that	are
   2 that	companies
   2 that	have
   2 that	it
   2 that	we
   2 the	2019
   2 the	BoF–McKinsey
   2 the	London
   2 the	absolute
   2 the	best
   2 the	business
   2 the	consumer
   2 the	core
   2 the	courage
   2 the	current
   2 the	disruptions
   2 the	doldrums,
   2 the	end
   2 the	fortunes
   2 the	foundation
   2 the	growing
   2 the	highest
   2 the	immediate
   2 the	industry,
   2 the	last
   2 the	luxury
   2 the	major
   2 the	midmarket
   2 the	number
   2 the	outlook
   2 the	overall
   2 the	pandemic,
   2 the	performance
   2 the	previous
   2 the	rebound
   2 the	rise
   2 the	sector
   2 the	system
   2 the	themes,
   2 the	third
   2 the	time
   2 the	traditional
   2 themes	for
   2 themes,	issues,
   2 there	are
   2 there	will
   2 they	can
   2 this	background,
   2 this	uncertainty
   2 this	year
   2 thought	leaders
   2 three	years,
   2 thrive	in
   2 time	for
   2 time,	they
   2 to	18
   2 to	20
   2 to	3
   2 to	4.5
   2 to	digital
   2 to	emerge
   2 to	improve
   2 to	innovate
   2 to	offer
   2 to	one-and-a-half
   2 to	remain
   2 to	see
   2 to	slow
   2 to	“self-disrupt”
   2 trading	down
   2 trajectory	in
   2 trends	to
   2 uncertainty	and
   2 us	to
   2 value	chain.
   2 value,	and
   2 was	already
   2 was	one
   2 we	have
   2 we	see
   2 were	not
   2 what	will
   2 which	it
   2 which	the
   2 while	the
   2 will	also
   2 will	become
   2 will	continue
   2 will	face
   2 will	have
   2 will	include
   2 will	not
   2 will	originate
   2 will	shape
   2 willing	to
   2 with	industry
   2 year	of
   1 			Exhibit	4
   1 		As
   1 		By
   1 		Economic
   1 		Given
   1 		Now,
   1 		Of
   1 		Still,
   1 		Ten
   1 		When
   1 		Where
   1 $10	billion,
   1 $2	billion
   1 $2.4	trillion.
   1 $2.5	trillion
   1 (BoF)	to
   1 (BoF),	which
   1 (BoF).	The
   1 (BoF).	This
   1 (CAGR)	over
   1 (Exhibit	3).
   1 (Exhibit	3);
   1 (Exhibit	4).
   1 (For	more,
   1 (HLA	Corporation),
   1 (MGFI)	analysis,
   1 (MGFI),	meanwhile,
   1 (PDF–3MB).	ABOUT
   1 (PDF–7	MB).
   1 (PDF–8MB)	finds
   1 (a	consultant
   1 (a	partner
   1 (an	associate
   1 (and	increasingly,
   1 (apparel	and
   1 (approximately	30
   1 (even	amid
   1 (exhibit).	Meanwhile,
   1 (exhibit).	This
   1 (founder,	editor
   1 (from	analyzing
   1 (in	relation
   1 (interactive).	The
   1 (luxury	fashion,
   1 (with	30
   1 (–26	percent
   1 1	At
   1 1).	That
   1 1,200	stores
   1 1.5	percent
   1 10	Once
   1 10	to
   1 10.8	percent,
   1 100	percent
   1 11	could
   1 12	margin
   1 12	months.
   1 12	percent
   1 12-	to
   1 144	percent.
   1 15	to
   1 16	percent
   1 18	months
   1 18	months.
   1 18-month	period
   1 19	percent
   1 2	Other
   1 2	or,
   1 2	percent.
   1 2).	According
   1 2).	Many
   1 2).	The
   1 2.0:	a
   1 2.5	to
   1 20	companies
   1 20	companies,
   1 20	group
   1 20	have
   1 20	percent’s
   1 20	than
   1 20	to
   1 20	“super
   1 20,000	to
   1 2000s,	while
   1 2005	to
   1 2012	to
   1 2013.	Affordable-luxury
   1 2014.	One
   1 2015,	the
   1 2016	(Exhibit
   1 2016	(exhibit).
   1 2016	and
   1 2016,	because
   1 2016,	particularly
   1 2016,	with
   1 2016:	A
   1 2017	and
   1 2017	fashion
   1 2017	signals
   1 2017,	although
   1 2017,	compared
   1 2017.		
   1 2017:	Glimmers
   1 2017?	No
   1 2018	(exhibit).
   1 2018	figures.
   1 2018	list
   1 2018	respond
   1 2018,	as
   1 2018,	following
   1 2018,	for
   1 2018,	from
   1 2018,	the
   1 2018,	we
   1 2018,	with
   1 2018.	In
   1 2018.)	This
   1 2018—a	time
   1 2019	(Exhibit
   1 2019	(interactive).
   1 2019	Apparel
   1 2019	These
   1 2019	This
   1 2019,	Kering
   1 2019,	and
   1 2019,	it
   1 2019,	the
   1 2019.	Another
   1 2019.	Europe,
   1 2019.	Moreover,
   1 2019.	Strikingly,
   1 2019.	The
   1 2019.	With
   1 2019’s	focus
   1 2020	7
   1 2020	To
   1 2020	What
   1 2020	after
   1 2020	as
   1 2020	redundant,
   1 2020	will
   1 2020,	Nike
   1 2020,	a
   1 2020,	as
   1 2020,	compared
   1 2020,	more
   1 2020,	released
   1 2020,	slightly
   1 2020,	the
   1 2020,	we
   1 2020,	written
   1 2020.	2
   1 2020.	The
   1 2020:	Coronavirus
   1 2020—suggesting	strategic
   1 2021	(with
   1 2021	As
   1 2021	With
   1 2021	compared
   1 2021	report,
   1 2021	will
   1 2021,	written
   1 2021.	Indeed,
   1 2022.	We
   1 2023.		
   1 2050.	According
   1 20th	century,”
   1 22	percent
   1 24,	2020
   1 25	percent
   1 25,000	stores
   1 275	global
   1 290	global
   1 3	Ten
   1 3	percent
   1 3	percent.
   1 3	to
   1 3).		
   1 3);	by
   1 3.0	to
   1 3.5	and
   1 3.5	percent
   1 30	to
   1 4				
   1 4	Zara
   1 4).		
   1 4.0	percent
   1 4.5	percent
   1 4.5	percent,
   1 4.5	percent.
   1 42	percent
   1 49	percent
   1 5	Still,
   1 5	and
   1 5	percent
   1 500	companies
   1 56	percent
   1 6	Yet
   1 6.5	to
   1 60	percent
   1 67	percent
   1 7	percent
   1 7	to
   1 7	—a
   1 73	percent
   1 75	percent
   1 8	entails
   1 8.0	to
   1 8.5	percent
   1 80	percent
   1 9	Although
   1 93	percent
   1 97	percent
   1 A	darkening
   1 A	freeze
   1 A	growing
   1 A	return
   1 A	year
   1 ARIAS	New
   1 ASOS,	FARFETCH
   1 AUTHOR(S)	Imran
   1 AUTHOR(S)	Johanna
   1 AUTHOR(S)	The
   1 Achim	Berg is
   1 Affordable-luxury	players
   1 Alibaba,	Amazon,
   1 All	things
   1 All	this
   1 Alongside	public
   1 Althea	Peng,
   1 Although	they
   1 Amazon,	Net-a-Porter,
   1 Amed	(founder,
   1 Amed,	Johanna
   1 Amed,	the
   1 America	and
   1 America	will
   1 America,	and
   1 America,	while
   1 America.	By
   1 America.	The
   1 America.	These
   1 American	counterparts.
   1 Among	the
   1 And	digital
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   1 Another	is
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   1 As	noted
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   1 As	the
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   1 Asia–Pacific	markets
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   1 August	2019,
   1 August	vacation,
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   1 Based	on
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   1 BoF–McKinsey	Global
   1 BoF–McKinsey	State
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   1 COVID-19	could
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   1 Chanel	is
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   1 China	first,
   1 China	in
   1 China	inched
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   1 Chinese	consumers.
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   1 Corporation),	and
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   1 Dale	Kim,
   1 December	2019.
   1 December,	compared
   1 Digital	disruptors
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   1 Economic	profit
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   1 Europe	is
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   1 Fashion	2020:
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   1 Fashion	Index.
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   1 Fashion	companies
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   1 Fashion	to
   1 Fashion (PDF–8MB).	
   1 Fashion,	The
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   1 Marco	Beltrami
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   1 Marilena	Schmich,
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   1 Martine	Drageset,
   1 McKinsey	analysis
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   1 McKinsey’s	Stockholm
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   1 Our	discussions
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   1 Our	survey
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   1 Rölkens	Fashion
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   1 Schmich,	as
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   1 Southeast	Asia
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   1 Stock-market	valuations
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   1 Strategically,	there
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   1 Survey,	while
   1 Survey,	with
   1 Sustainability,	which
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   1 That	said,
   1 That	translates
   1 That’s	great
   1 The	16
   1 The	MGFI
   1 The	Super
   1 The	affordable-luxury
   1 The	apparel
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   1 The	caution
   1 The	challenges
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   1 The	main
   1 The	midmarket
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   1 The	mood
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   1 The	outlook
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   1 The	report
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   1 The	rise
   1 The	sober
   1 The	speed
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   1 The	trick
   1 The	value
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   1 Themes	defining
   1 These	developments
   1 These	players
   1 These	privately
   1 They	also
   1 They	are
   1 They	should
   1 Things	are
   1 This	caution
   1 This	database
   1 This	fact
   1 This	fourth
   1 This	has
   1 This	joint
   1 This	should
   1 This	unforeseeable
   1 This	will
   1 This	year,
   1 This	“need
   1 Those	are
   1 Tiffany	Chan
   1 Tiffany	Wendler,
   1 To	address
   1 To	keep
   1 To	thrive
   1 Trade	2.0:
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   1 US	election
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   1 United	States,
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   1 Video	Ten
   1 Video	Themes
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   1 Washing,	solvents,
   1 We	estimate
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   1 West	will
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   1 With	companies
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   1 about	sustainability
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   1 absolute	number
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   1 accelerate	some
   1 accelerated	responses
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   1 accept	unpredictability
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   1 across	multiple
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   1 actions.	We
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   1 added	complexity.
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   1 address	consumers
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   1 affect	fashion
   1 affect	sales.
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   1 affordable	luxury,
   1 affordable-luxury	and
   1 affordable-luxury	segment
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   1 amid	increasing
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   1 antipathy	toward
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   1 approximates	that
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   1 are	looking
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   1 are	moving
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   1 are	returning
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   1 are	“value
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   1 articles	on
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   1 attacks	in
   1 attention	is
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   1 be	opportunities.
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   1 be	tough
   1 be	tough,
   1 be	turning
   1 be	unable
   1 be	uneven,
   1 be	worth
   1 be	written
   1 bear	in
   1 beauty	segment
   1 beauty	segment,
   1 beauty),	we
   1 beckons.	Ten
   1 become	a
   1 become	the
   1 become	worse
   1 become	“value
   1 becoming	less
   1 becoming	more
   1 been	9
   1 been	greater.
   1 been	looking
   1 been	taking
   1 before	upstarts
   1 before,	laid
   1 behavior	affect
   1 behavior,	and
   1 behavior,	players
   1 behavior,	which
   1 behaviors	(in
   1 behaviors,	and
   1 behind	the
   1 being	a
   1 being	close
   1 being	felt
   1 being	radically
   1 believe	the
   1 believe	will
   1 believing	that
   1 below	2018
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   1 below	the
   1 benchmark,	the
   1 benefited	from
   1 benefiting	from
   1 benefits	in
   1 benefits.		
   1 best	of
   1 best	over
   1 better	and
   1 between	2016
   1 between	3.5
   1 between	5
   1 between	frontrunners
   1 between	the
   1 beyond	2019’s
   1 beyond	crisis
   1 big	winners,
   1 big	winners:
   1 biggest	economic
   1 biggest	industries
   1 biggest	winners
   1 billion,	while
   1 black	swan
   1 bleaker.	The
   1 blow	after
   1 blow	to
   1 board,	including
   1 body	scans
   1 boom	of
   1 borne	out
   1 both	brands
   1 both	outpacing
   1 both	supply
   1 bottom	line?
   1 bottom	lines
   1 brand	experience across
   1 brand	loyal among
   1 branded	as
   1 brands	and
   1 brands	have
   1 brands	in
   1 brands	remaining.
   1 brands	rethinking
   1 brands	that
   1 brands	will
   1 brands,	Chanel
   1 brands,	reflecting
   1 brands’	bottom
   1 breaking	out
   1 breaks	into
   1 breaks	new
   1 breed	of
   1 brewed	a
   1 brick-and-mortar	stores.
   1 bring	added
   1 bring	benefits
   1 browse	online
   1 build	more
   1 building	a
   1 building	agile
   1 built	personalized
   1 bunting	is
   1 burden.	This
   1 business	adoption
   1 business	leaders
   1 business	model
   1 business	model.
   1 business	models
   1 business	of
   1 business	over
   1 business	system,
   1 businesses	and
   1 businesses	exposed
   1 businesses	to
   1 but	also
   1 but	eventually
   1 but	it
   1 but	positive
   1 but	steady
   1 but	still
   1 but	storms
   1 by	2050.
   1 by	93
   1 by	Gucci’s
   1 by	a
   1 by	as
   1 by	category
   1 by	consumer
   1 by	consumers’
   1 by	cost
   1 by	countries
   1 by	deepening
   1 by	demand
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   1 by	focusing
   1 by	higher-quality
   1 by	just
   1 by	more
   1 by	one
   1 by	outlining
   1 by	region,
   1 by	some
   1 by	those
   1 by	which
   1 by	–27
   1 by	“test
   1 calculate	our
   1 calculations,	based
   1 call	for
   1 calling	for
   1 came	largely
   1 can	align
   1 can	improve
   1 can	lead
   1 can	make
   1 capital	in
   1 capitalization	of
   1 capitalizations	over
   1 capture	the
   1 case	is
   1 cash	reserves.
   1 catalyst	that
   1 categories	are
   1 categories,	the
   1 categories.	Many
   1 categories.	Value
   1 category	Although
   1 category	and
   1 category	areas
   1 category	champion,
   1 category	where
   1 category	with
   1 category,	with
   1 category.	This
   1 cater	to
   1 causes,	and
   1 causing	blow
   1 caution	in
   1 caution	is
   1 cautious	investors
   1 cautious	optimism
   1 cautiously	optimistic,
   1 centers.	To
   1 century,”	we
   1 certain	directions
   1 chain	completely—and
   1 chain	fed
   1 chain means	that
   1 chain,	and
   1 chain.	Consumers
   1 chain.	We
   1 chains	supported
   1 chains,	and
   1 chains,	making
   1 chains.	The
   1 chains—and	rewarding
   1 challenges	ahead
   1 challenges	and
   1 challenges	for
   1 challenges	in
   1 challenges	of
   1 challenges.	The
   1 challenging	stretch,
   1 challenging	times.
   1 challenging	years
   1 champion,	maintaining
   1 champions.”	These
   1 champions”	too
   1 chance	for
   1 change	Overall,
   1 change	are
   1 change	in
   1 change,	in-season
   1 change,	our
   1 change,	the
   1 change.	Fashion’s
   1 change.	In
   1 changes	and
   1 changes	in
   1 changes	is
   1 changes;	the
   1 change—now	is
   1 changing	industry
   1 channel	combinations.
   1 channel	strategies
   1 channel,	and
   1 channels	and
   1 channels	in
   1 channels,	coupled
   1 channels,	reflecting
   1 channels,	shifting
   1 channels,	social-justice
   1 channels.	As
   1 channels.	Consumers
   1 channels.	Instead,
   1 channels.	This
   1 characteristics	(Exhibit
   1 characterized	by
   1 chief,	and
   1 circular	economy.
   1 cites	“uncertainty”
   1 clarity	will
   1 class,	powerful
   1 clear	value
   1 clearly	borne
   1 clearly	defined
   1 clientele:	2017
   1 clients,	rather
   1 climate-change	agenda.
   1 close	in
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   1 closed	for
   1 closely	with
   1 closures	continue.
   1 closures	for
   1 clothing	and
   1 clouds.	While
   1 coherent	channel
   1 collaboration	within
   1 combinations.	With
   1 combine	the
   1 combined.	The
   1 come	to
   1 comes	against
   1 comfort	with
   1 comfortable	with
   1 comforting	pick-me-up
   1 coming	to
   1 coming	year,
   1 coming	year.
   1 coming	year?
   1 coming	year—a
   1 commercial	opportunities
   1 commitment	to
   1 commitment.	That’s
   1 companies	added
   1 companies	alike
   1 companies	allows
   1 companies	contributed
   1 companies	has
   1 companies	highly
   1 companies	must
   1 companies	should
   1 companies	such
   1 companies	take
   1 companies	were
   1 companies	will
   1 companies,	and
   1 companies,	as
   1 companies,	most
   1 companies,	we
   1 companies.	Asia
   1 companies.	Our
   1 company	performance
   1 company	will
   1 company’s	practices
   1 compare	the
   1 comparison	at
   1 compelling	digital
   1 compelling	experiences.
   1 compete	on
   1 compete	to
   1 competing	organizations.
   1 competition	is
   1 competitor.	These
   1 completely—and	an
   1 complex	customer
   1 complex	ecosystem
   1 complexity.	Shortening
   1 compound	annual
   1 compressed	multiyear
   1 concern.	On
   1 concern.	The
   1 concerned	by
   1 concerns	about
   1 concerns,	and
   1 conditions	in
   1 conditions	to
   1 conditions	will
   1 confidence	in
   1 confidence	is
   1 confront	a
   1 connect	with
   1 connections	with
   1 consecutive	annual
   1 consequence	of
   1 consequences	for
   1 considered,	we
   1 consistent	brand
   1 consistently	outperformed
   1 consolidation,	and
   1 constantly	compete
   1 constituencies.	Given
   1 constructive	view.
   1 consumer	and
   1 consumer	behaviors
   1 consumer	behaviors,
   1 consumer	confidence
   1 consumer	demand
   1 consumer	demands
   1 consumer	insights—with
   1 consumer	instinct
   1 consumer	landscape
   1 consumer	mindset
   1 consumer	needs
   1 consumer	pessimism
   1 consumer	sentiment
   1 consumer	shifts
   1 consumer	shifts,
   1 consumer	side,
   1 consumer-to-consumer.	With
   1 consumers	These
   1 consumers	a
   1 consumers	across
   1 consumers	for
   1 consumers	have
   1 consumers	increasingly
   1 consumers	today
   1 consumers.	However,
   1 consumers’	behavior
   1 consumers’	more
   1 consumption”	11
   1 content	and
   1 content	has
   1 contingency	planning
   1 contingency	plans
   1 continue	benefiting
   1 continue.	Here,
   1 continued	challenges
   1 continued	growth
   1 continued	lull
   1 continued	strong
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   1 continued	unpredictable
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   1 contraction	since
   1 contractors,	and
   1 contrast	to
   1 contributed	100
   1 contribution	had
   1 control.	For
   1 controlled	over
   1 controversial	political
   1 convenience,	price,
   1 convenience,	quality,
   1 convenient	locations
   1 conversations	with
   1 core	constituencies.
   1 core	operations
   1 core	product-design
   1 core	value
   1 corner	in
   1 corner,	and
   1 corner,	the
   1 corner?	Things
   1 coronavirus	also
   1 coronavirus	disrupted
   1 coronavirus	update
   1 corporate	innovation
   1 corrections,	and
   1 cost	cutting
   1 cost	cutting.
   1 cost	of
   1 costs,	and
   1 could	accelerate
   1 could	be
   1 could	further
   1 could	regain
   1 could	see
   1 could	spur
   1 countries	across
   1 countries	are
   1 countries	elsewhere
   1 countries	to
   1 countries’	GDP.
   1 course,	but
   1 course,	for
   1 covered	for
   1 create	more
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   1 created	shocks
   1 creating	emotional
   1 crises	on
   1 crisis	and
   1 crisis	stronger,
   1 crisis	subsides.
   1 crisis	to
   1 crisis,	fashion
   1 crisis.	Exactly
   1 crisis.	Widespread
   1 critical	year
   1 crowded	environments.
   1 crucial	source
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   1 cultures.	One
   1 current	crisis.
   1 current	environment,
   1 curtain	is
   1 customer	experience and
   1 customer	experience.
   1 customer	journey
   1 customer	needs
   1 customer	propositions.
   1 customer-centric	model.
   1 customers	and
   1 customers	are
   1 customers	demand
   1 customers	touch,
   1 customers	turned
   1 customers	warm
   1 customers.	They
   1 customers.	We
   1 cut	1,200
   1 cuts	in
   1 cutting	and
   1 cutting	edge
   1 cutting.	The
   1 cycle	to
   1 cycle,	technological
   1 daily	lives,
   1 dampen	consumer
   1 dangers	lurk.
   1 darkening	mood
   1 data	analytics to
   1 data	analytics.
   1 data	and
   1 data	show
   1 data,	and
   1 data,	strategies,
   1 database	of
   1 day	online
   1 days	when
   1 deal	of
   1 decade	appears
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   1 decade,	which
   1 decade.	Long-term
   1 decade’s	rare
   1 decision	makers
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   1 decision	making,
   1 decisions	are
   1 decisions	on
   1 decisions—for	example,
   1 decisive	and
   1 decisive	phase
   1 decisively	to
   1 decline	from
   1 decline	of
   1 decline	than
   1 decline,	especially
   1 declined	15
   1 declines	from
   1 decrease	in
   1 deepening	relationships
   1 deeper	relationships
   1 defined	value
   1 defining	themes
   1 definitions.	Athletic
   1 delivery	of
   1 delivery	times
   1 delivery.	In
   1 demand	for
   1 demand	more
   1 demand	to
   1 demand,	the
   1 demand-focused	operating
   1 demand.	Frontrunners
   1 demand.	They
   1 demanding	change.
   1 demanding	ever-quicker
   1 demanding,	more
   1 demands	for
   1 demographic	profile.
   1 depending	on
   1 depleted	cash
   1 deploy	technologies
   1 depth.	We
   1 design	the
   1 design	to
   1 design,	and
   1 destination	for
   1 destitution.	With
   1 destroyers,”	which
   1 destroyers.”	The
   1 detecting	glimmers
   1 determination	to
   1 devastating	impact on
   1 developing	world,
   1 developments	expected
   1 developments	take
   1 devices	to
   1 did	in
   1 did	so
   1 different	value
   1 differentiation,	and
   1 digital	acceleration,
   1 digital	adoption,
   1 digital	and
   1 digital	devices
   1 digital	growth
   1 digital	in
   1 digital	innovation
   1 digital	landgrab
   1 digital	proposition.
   1 digital	revolution,
   1 digital	right
   1 digital	shakeout
   1 digital	step
   1 digital	strategy
   1 digital	to
   1 digital,	there
   1 digital-first	players
   1 digital-first,	and
   1 digital.	5
   1 digitally	native
   1 digitization	will
   1 digitization,	and
   1 direct-to-customer	companies.
   1 directions	before
   1 disadvantage	across
   1 discerning,	and
   1 discount	of
   1 discount	segment
   1 discount	segments
   1 discount	this
   1 discounting,	industry
   1 discovery	of
   1 discovery	zones
   1 discretionary	goods,
   1 discretionary	nature,
   1 discussion	beyond
   1 discussions	with
   1 disease.	The
   1 disorienting	future
   1 disrupted	financial
   1 disruption	from
   1 disruptions	in
   1 disruptions	of
   1 disruptors	will
   1 distress.	Combined
   1 diverse	races,
   1 diversify	their
   1 divide	is
   1 dizzying	levels,
   1 do	it
   1 do	not
   1 does	it
   1 doldrums,	domestic
   1 doldrums,	generating
   1 domestic	outlets
   1 dominant	trends
   1 dominate	their
   1 dominating	thoughts
   1 don’t	work.
   1 dot-com	boom
   1 double	any
   1 double	down
   1 double	the
   1 double-digit	growth
   1 double-digit	sales
   1 doubled	their
   1 doubt	that
   1 down	7
   1 down	into
   1 down	on
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   1 down	the
   1 dramatic	transformation.
   1 dramatically	and
   1 drills	down
   1 driven	partly
   1 driver	in
   1 driver	will
   1 drivers	will
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   1 drone	delivery.
   1 dropped	almost
   1 duration	and
   1 during	the
   1 dust	settles.
   1 dyes	used
   1 dynamics	driving
   1 dynamics	of
   1 e-commerce	to
   1 each	of
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   1 early	2000s,
   1 earned	by
   1 earning	their
   1 ease	of
   1 easy	for
   1 economic	contraction
   1 economic	growth
   1 economic	impacts,
   1 economic	profit,
   1 economic	profit;
   1 economic	profits
   1 economic	profits,
   1 economic	strength
   1 economic	success
   1 economy	if
   1 economy	is
   1 economy is	widespread,
   1 economy,	consumer
   1 economy,	fashion-industry
   1 economy.	At
   1 economy.	This
   1 ecosystem	that
   1 ecosystem,	and
   1 edge	of
   1 edited	excerpt
   1 editor	in
   1 effectively	controlled
   1 effects	of
   1 efficiency,	lowering
   1 efficient,	simple,
   1 effort	to
   1 efforts	as
   1 eight	hours
   1 election	outcome
   1 elite	group.
   1 elsewhere	around
   1 embark	on
   1 embarked	on
   1 embracing	new
   1 emerge	ahead
   1 emerge	as
   1 emerge	from
   1 emerge	will
   1 emerge	with
   1 emerge.	That
   1 emerging	as
   1 emerging	brands
   1 emerging	countries
   1 emerging-market	countries
   1 emissions	and
   1 emissions	by
   1 emotional	connections
   1 emphasizing	the
   1 empty.	The
   1 energy	on
   1 energy.	The
   1 engage	even
   1 engage	their
   1 engagement—the	personal
   1 engaging	in
   1 enhancement	of
   1 enhancing	their
   1 entails	joblessness
   1 enterprises	that
   1 entire	economic
   1 entire	fashion
   1 entrants—Anta	Sports,
   1 environment	has
   1 environment	with
   1 environment,	companies
   1 environment,	we
   1 environment.	Sustainability,
   1 environments.	Indeed,
   1 equal	terms
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   1 era,	as
   1 especially	after
   1 essential	destination
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   1 estimate	that
   1 estimated	$2.4
   1 estimates,	each
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   1 even	many
   1 even	while
   1 evenly	across
   1 event	to
   1 events.	Only
   1 eventually	must
   1 ever	seen.
   1 ever-faster	speed
   1 ever-quicker	and
   1 ever.	Video
   1 ever.	We
   1 every	sector
   1 every	success,
   1 everyone,	but
   1 everyone.	Indeed,
   1 everyone’s	lips
   1 everything	in
   1 evolved	over
   1 evolving	channels,
   1 evolving	consumer
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   1 example,	about
   1 except	that
   1 excerpt	from
   1 excess	inventory
   1 exclusive	content
   1 exclusive	group
   1 executive	survey
   1 executive	survey,
   1 executives	(approximately
   1 executives	and
   1 executives	expressed
   1 executives	from
   1 executives	in
   1 executives	report
   1 executives	said
   1 executives	say
   1 executives	suggest
   1 executives	surveyed
   1 executives	we
   1 executives	will
   1 executives:	40
   1 executives’	sentiments,
   1 exercise	into
   1 exhibit	unpacks
   1 existing	clients,
   1 expand	at
   1 expand	internationally.
   1 expanding	geographically.
   1 expansion.	And
   1 expect	digital
   1 expect	fashion-industry
   1 expect	it
   1 expect	more
   1 expect	perfect
   1 expect	that
   1 expect	to
   1 expect	will
   1 expectations	for
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   1 expected	around
   1 expecting	conditions
   1 expedite	products.
   1 experience	in
   1 experience across	channels.
   1 experience and	scrutinize
   1 experience.	Many
   1 experience.	We
   1 experiences	and
   1 experiences.	At
   1 experiences.	Strategically,
   1 expert	interviews)
   1 experts	say
   1 explain	the
   1 explore	the
   1 explores	the
   1 explores	these
   1 exposed	or
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   1 expressed	pessimism
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   1 external	shock
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   1 face	hardship
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   1 face	more
   1 fact	is
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   1 fact,	2017
   1 fact,	not
   1 factory	floor.
   1 fail	to
   1 failures.	A
   1 fall	by
   1 falling	on
   1 fashion	2020
   1 fashion	COVID-19
   1 fashion	accounts
   1 fashion	businesses
   1 fashion	companies,
   1 fashion	companies.
   1 fashion	consumers
   1 fashion	cycle
   1 fashion	cycle,
   1 fashion	executives’
   1 fashion	in
   1 fashion	index,
   1 fashion	industry,
   1 fashion	industry:
   1 fashion	industry’s
   1 fashion	landscape.
   1 fashion	leaders
   1 fashion	leaders.
   1 fashion	players,
   1 fashion	products
   1 fashion	professionals
   1 fashion	risk
   1 fashion	sales—more
   1 fashion	sector.
   1 fashion	survey.
   1 fashion	trends
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   1 fashion,	and
   1 fashion,	because
   1 fashion,	luxury
   1 fashion,	one
   1 fashion,	suggest
   1 fashion-company	performance
   1 fashion-industry	growth
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   1 fashion:	fully
   1 fashion?	Our
   1 fashion’s	outlook
   1 fashion’s	response
   1 fast-fashion	players
   1 fast-fashion	sector
   1 fast-forward	a
   1 fast-growing	markets.
   1 fast-moving	sector,
   1 fastest-growing	category,
   1 favorite	brands
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   1 features	of
   1 fed	by
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   1 felt	evenly
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   1 few	months.
   1 fifth	in
   1 fight	over
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   1 figure).	If
   1 figures.	By
   1 finance	to
   1 financial	crisis
   1 financial	distress.
   1 financial	hardship
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   1 financial	performance.
   1 financial	situation
   1 financial	year
   1 find	silver
   1 find	ways
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   1 fingertips,	consumers
   1 first	The
   1 first	joint
   1 first	quarter
   1 first	report,
   1 first	time
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   1 first,	then
   1 fit	all.
   1 five	areas
   1 five	years
   1 fivefold	increase
   1 flexibility	bring
   1 floor.	At
   1 flows	into
   1 fluctuating	foreign-exchange
   1 flux,	and
   1 focus	on
   1 focus	once
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   1 focused	offering
   1 focusing	their
   1 followed	by
   1 following	consecutive
   1 foot,	seeking
   1 footfall,	manage
   1 footwear	are
   1 footwear	sectors)
   1 footwear,	particularly
   1 footwear.	Handbags
   1 for	20
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   1 for	2019.
   1 for	2021
   1 for	affordable
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   1 for	athletic
   1 for	businesses
   1 for	collaboration
   1 for	companies
   1 for	consumers
   1 for	decision
   1 for	digital,
   1 for	every
   1 for	fashion,
   1 for	further
   1 for	granted.
   1 for	granted:
   1 for	greater
   1 for	local
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   1 for	one-fifth
   1 for	people
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   1 for	rags
   1 for	shareholders.
   1 for	speed”
   1 for	sure,
   1 for	taking
   1 for	them,
   1 for	two
   1 for	us
   1 for	value,
   1 for	“Inclusive
   1 force	fashion
   1 forecasted	to
   1 forecasts	across
   1 forecasts	growth
   1 forecasts	industry
   1 forecasts	that
   1 forefront	for
   1 foreign-exchange	rates.
   1 foresee	the
   1 forget	Our
   1 formats	and
   1 formidable	competitor.
   1 forward	and
   1 forward	in
   1 forward	to
   1 forward,	our
   1 forward,	we
   1 found	that
   1 fourth	in
   1 freeze	on
   1 frightening	speed.
   1 from	1.5
   1 from	2005
   1 from	2012
   1 from	2019.
   1 from	December,
   1 from	McKinsey
   1 from	a
   1 from	design
   1 from	discount
   1 from	emerging
   1 from	finance
   1 from	geopolitical
   1 from	growing
   1 from	improved
   1 from	luxury
   1 from	mobile
   1 from	shortening
   1 front	foot,
   1 frontier	being
   1 frontrunners	and
   1 fronts	as
   1 fulfillment,	from
   1 fully	97
   1 functionality	and
   1 fundamentally	changing
   1 funding	and
   1 further	dampen
   1 further	down
   1 further	outbreaks
   1 future	and
   1 future	role
   1 future-proofing	efforts
   1 gain	speed
   1 gaining	ground.
   1 gap	between
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   1 gatherings.	In
   1 gathers	pace,
   1 gauge	the
   1 gems	often
   1 genders,	and
   1 general	agreement
   1 generate	significant
   1 generating	$2.5
   1 generating	negative
   1 generations	of
   1 geographic,	channel,
   1 geographically.	With
   1 geography,	the
   1 geopolitical	and
   1 get	a
   1 get	comfortable
   1 get	digital
   1 get	ready
   1 get	through
   1 giant	global
   1 given	the
   1 glass	is
   1 glimmers	of
   1 global	annual
   1 global	economic
   1 global	economy.
   1 global	fashion,
   1 global	greenhouse-gas
   1 global	industry.
   1 global	recovery.
   1 global	revenue
   1 global	stronghold
   1 global	supply
   1 global	travel
   1 global	value
   1 globe	have
   1 globe,	we
   1 globe.	In
   1 go	bankrupt
   1 go	behind
   1 go-to-market	times.
   1 goes	through
   1 goods	industry
   1 goods,	hit
   1 gotten	dramatically
   1 government	interventions
   1 grab	share
   1 granted.	Video
   1 granted:	the
   1 granular	customer
   1 great	deal
   1 great	news
   1 greater	depth.
   1 greater	transparency
   1 greater.	Download
   1 greenhouse-gas	emissions
   1 grew	for
   1 grip	on
   1 ground	for
   1 ground	to
   1 ground.	To
   1 groundbreaking	research
   1 group	for
   1 group.	Perhaps
   1 grow	and
   1 grow	at
   1 grow	rapidly.
   1 grow,	it
   1 growing	antipathy
   1 growing	middle
   1 growing	number
   1 growing	south–south
   1 grown	at
   1 grown	by
   1 growth	are
   1 growth	for
   1 growth	forecasts
   1 growth	justifying
   1 growth	masks
   1 growth	outlook
   1 growth	puts
   1 growth	rate
   1 growth	rates
   1 growth	seems
   1 growth	to
   1 growth	trajectory
   1 growth,	although
   1 growth,	respectively.
   1 growth,	the
   1 growth;	indeed,
   1 had	a
   1 had	increased
   1 had	more
   1 had	not
   1 had	recovered
   1 half	empty.
   1 half	to
   1 halting	manufacturing
   1 hand	to
   1 hand,	evolving
   1 hand,	will
   1 happen	is
   1 happened	further
   1 harder	for
   1 hardest.	For
   1 hardship	and
   1 hardship	for
   1 has	a
   1 has	an
   1 has	brewed
   1 has	created
   1 has	ever
   1 has	evolved
   1 has	fashion
   1 has	gotten
   1 has	grown
   1 has	led
   1 has	made
   1 has	reached
   1 has	rendered
   1 has	teamed
   1 has	visited
   1 have	a
   1 have	accelerated
   1 have	also
   1 have	come
   1 have	compressed
   1 have	consistently
   1 have	created
   1 have	declined
   1 have	embarked
   1 have	grown
   1 have	had
   1 have	happened
   1 have	helped
   1 have	higher
   1 have	made
   1 have	more
   1 have	much
   1 have	never
   1 have	offered
   1 have	outperformed
   1 have	performed
   1 have	roiled
   1 have	steadily
   1 have	tried
   1 have	vaulted
   1 have	worsened
   1 having	turned
   1 healthcare	systems
   1 heightened	expectations
   1 help	design
   1 helped	them
   1 helped	us
   1 helping	customers
   1 high	alert,
   1 high-end	beauty),
   1 high-end	segments,
   1 higher	expectations
   1 higher,	on
   1 higher-quality	consumer
   1 highest	of
   1 highest	potential
   1 highest	since
   1 highlight	the
   1 highly	integrated
   1 highly	price
   1 highly	value-creating,
   1 highs,	driven
   1 historic	highs,
   1 historic	levels
   1 hit	brands’
   1 hit	by
   1 hit	the
   1 hitting	every
   1 hope:	executives
   1 hopeful	they
   1 hoping	for
   1 hospitality.	6
   1 hours	a
   1 household	names,
   1 hover	in
   1 hubs,	such
   1 human	and
   1 humanitarian	and
   1 hunger	and
   1 hybrid	spaces
   1 identified	a
   1 identify	ten
   1 identity	and
   1 if	ranked
   1 if	the
   1 if	they
   1 immediate	contingency
   1 immediate	crisis
   1 immediate	crisis,
   1 immediate	support
   1 immense	strain
   1 impact	as
   1 impact	on
   1 impact on	businesses
   1 impacts,	and
   1 imperative	in
   1 imperative	to
   1 implementing	changes
   1 importance	of
   1 important	challenges
   1 important	than
   1 important,	have
   1 important.	The
   1 imposed	in
   1 impossible	to
   1 impressive	rise
   1 improve	next
   1 improve	their
   1 improved	operating
   1 improvement	in
   1 improvement	of
   1 improving	conditions
   1 improving	what
   1 in	2016
   1 in	2017.
   1 in	2017?
   1 in	2018.
   1 in	2018.)
   1 in	Asia–Pacific
   1 in	Asia–Pacific.
   1 in	December
   1 in	France,
   1 in	M&A
   1 in	Southeast
   1 in	agility
   1 in	all
   1 in	attracting
   1 in	certain
   1 in	challenging
   1 in	chief,
   1 in	consumer
   1 in	convenient
   1 in	crowded
   1 in	demand
   1 in	economic
   1 in	enhancing
   1 in	fashion
   1 in	fashion:
   1 in	fast-growing
   1 in	focus
   1 in	global
   1 in	greater
   1 in	hybrid
   1 in	its
   1 in	leadership
   1 in	line
   1 in	low-cost
   1 in	manufacturing
   1 in	market
   1 in	mind
   1 in	other
   1 in	picking
   1 in	rapid
   1 in	sales
   1 in	some
   1 in	spending
   1 in	stark
   1 in	store-based
   1 in	stores.
   1 in	stronger
   1 in	their
   1 in-season	retail,
   1 inadequate	and
   1 inched	through
   1 include	shifting
   1 include	the
   1 include	three
   1 include,	among
   1 includes	the
   1 including	apparel
   1 including	fashion’s
   1 inclusive.	We
   1 increase	in
   1 increase	over
   1 increase	responsiveness.
   1 increase	to
   1 increased	fashion
   1 increased	growth
   1 increased	to
   1 increasing	pressure
   1 increasingly	concerned
   1 increasingly	present
   1 increasingly	savvy
   1 increasingly	waking
   1 increasingly,	investors)
   1 indeed,	in
   1 independent	and
   1 index	in
   1 index	on
   1 index,	meanwhile,
   1 indicate,	new
   1 individual	companies
   1 individual	countries’
   1 individual	dynamics
   1 individual	players
   1 industrial	water
   1 industries	in
   1 industry	(apparel
   1 industry	(luxury
   1 industry	EBITA
   1 industry	agenda
   1 industry	and
   1 industry	appears
   1 industry	are
   1 industry	as
   1 industry	average
   1 industry	average,
   1 industry	benchmark,
   1 industry	bottom
   1 industry	consolidation,
   1 industry	could
   1 industry	executives
   1 industry	executives:
   1 industry	expand
   1 industry	goes
   1 industry	have
   1 industry	having
   1 industry	in
   1 industry	into
   1 industry	landscape
   1 industry	must
   1 industry	next
   1 industry	outpaced
   1 industry	outsiders
   1 industry	posted
   1 industry	reliant
   1 industry	sales
   1 industry	through
   1 industry	value
   1 industry	varies
   1 industry	was
   1 industry	with
   1 industry,	including
   1 industry,	surveying
   1 industry,	the
   1 industry-wide	pact
   1 industry.	2016:
   1 industry.	Companies
   1 industry.	How
   1 industry.	Our
   1 industry:	a
   1 industry:	the
   1 industry—even	among
   1 industry’s	economic
   1 industry’s	entire
   1 industry’s	financial
   1 industry’s	outlook
   1 industry’s	performance
   1 industry’s	toughest
   1 industry’s	track
   1 industry’s	value
   1 inevitable—things	that
   1 influenced	by
   1 influencer	marketing,
   1 infographic	on
   1 information	and
   1 inherently	rich
   1 innovate	are
   1 innovate	while
   1 innovation	(Exhibit
   1 innovation	into
   1 innovation.	On
   1 innovation.	They
   1 innovations.	As
   1 innovative	business
   1 insights	(from
   1 insights	as
   1 insights	on
   1 insights	to
   1 insights—with	the
   1 insolvencies,	industry
   1 instilling	anxiety
   1 instinct	to
   1 insulated	from
   1 integrated	global
   1 integrating	sustainable
   1 intense	than
   1 intensifying	volatility,
   1 interconnectedness	of
   1 internationally.	In
   1 intervals	but
   1 interventions	will
   1 interviewed	expect
   1 interviewing	thought
   1 interviews	with
   1 interviews)	for
   1 into	change—now
   1 into	company
   1 into	fashion-company
   1 into	just
   1 into	motion
   1 into	our
   1 into	profit.
   1 into	supply
   1 into	sustainable
   1 inventory	if
   1 invest	more
   1 invest	€2.7
   1 investment	in
   1 investment	required,
   1 investment,	and
   1 investors	in
   1 investors	they
   1 investors	this
   1 investors)	will
   1 inward,	implementing
   1 is	Primark,
   1 is	Trade
   1 is	affecting
   1 is	aggravating
   1 is	apparent
   1 is	at
   1 is	being
   1 is	cautiously
   1 is	clearly
   1 is	driven
   1 is	embracing
   1 is	emerging
   1 is	evolving
   1 is	falling
   1 is	general
   1 is	half
   1 is	impossible
   1 is	just
   1 is	less
   1 is	likely
   1 is	likewise
   1 is	little
   1 is	making
   1 is	no
   1 is	positive
   1 is	rife,
   1 is	set
   1 is	shining
   1 is	slowing
   1 is	sober
   1 is	stable,
   1 is	still
   1 is	strong,
   1 is	to
   1 is	uncertain,
   1 is	uncertain.
   1 is	warranted.
   1 is	within
   1 issues,	alongside
   1 issues,	satisfy
   1 it	a
   1 it	all:
   1 it	an
   1 it	examines
   1 it	for
   1 it	harder
   1 it	may
   1 it	means
   1 it	measures
   1 it	plans
   1 it	said
   1 it	touch
   1 it	will,
   1 it	would
   1 its	10
   1 its	August
   1 its	clearly
   1 its	core
   1 its	digital
   1 its	discretionary
   1 its	highest
   1 its	peak
   1 its	struggle.
   1 itself.	Dire
   1 it’s	not
   1 jewelry,	and
   1 jewelry,	are
   1 job	cuts
   1 joblessness	or
   1 jobs,	it
   1 journey	across
   1 just	20
   1 just	5
   1 just	a
   1 just	have
   1 just	yet.
   1 justifying	the
   1 keep	their
   1 keep	up,
   1 key	characteristics
   1 key	drivers
   1 key	momentum
   1 key	themes
   1 key	to
   1 key	trends
   1 key	trends,
   1 king in	2021.
   1 know	for
   1 knowing	that
   1 laggards	continues
   1 landgrab	to
   1 landscape	are
   1 landscape	still
   1 landscape.	That
   1 large	independent
   1 large	number
   1 largely	from
   1 larger	social
   1 largest	and
   1 last	decade.
   1 last	three
   1 last	year
   1 last	year and
   1 last	year)
   1 last	year,
   1 late	last
   1 latest	The
   1 latest	report
   1 lead	times
   1 leaders	are
   1 leaders	confront
   1 leaders	include,
   1 leaders	is
   1 leaders	over
   1 leaders	using
   1 leaders	were
   1 leaders	will
   1 leaders.	Players
   1 leadership	roles.
   1 leading	companies
   1 leading	in
   1 leading	the
   1 leaner,	and
   1 leaning	forward
   1 learn	to
   1 learn”	and
   1 least	12
   1 least	one
   1 leaving	fashion
   1 leaving	the
   1 led	fashion
   1 length	of
   1 lenses.	With
   1 less	badly
   1 less	brand
   1 less	predictable
   1 less	rosy than
   1 less	than
   1 less	visible
   1 lessening.	Nonetheless,
   1 levels,	reminiscent
   1 levels.	Companies
   1 level—and	ramping
   1 leverage	e-commerce
   1 leveraging	data
   1 leveraging	new
   1 lifestyles,	the
   1 light	of
   1 light	on
   1 like	in
   1 likelihood,	be
   1 likely	not
   1 likewise	expected
   1 limits	of
   1 line	in
   1 line	is
   1 line	with
   1 line?	The
   1 lines	and
   1 linings	The
   1 linings	among
   1 linings,	knowing
   1 lips	are
   1 list	to
   1 listed	counterparts.
   1 listed	fashion
   1 little	doubt
   1 lives,	instilling
   1 local	clientele:
   1 local	engagement—the
   1 local	stores
   1 local	tastes
   1 locations	as
   1 lockdowns	loom.
   1 lockdowns	were
   1 locked-down	customers
   1 longer	be
   1 look	at
   1 look	like
   1 look	to
   1 looking	forward
   1 looking	inward,
   1 looking	up,
   1 loom.	This
   1 low	valuations
   1 low,	there
   1 low-cost	sourcing
   1 lower	impact
   1 lowering	procurement
   1 loyal among	millennials,
   1 luggage,	and
   1 lull	in
   1 lurk	around
   1 lurk,	and
   1 lurk.	The
   1 luxury	accessories,
   1 luxury	and
   1 luxury	brands,
   1 luxury	goods
   1 luxury	jewelry,
   1 luxury	players
   1 luxury	segment
   1 luxury	segment.
   1 luxury	watch
   1 luxury	watches,
   1 luxury	will
   1 luxury,	Kering
   1 luxury,	particularly
   1 luxury,	while
   1 macroeconomic	environment
   1 macroeconomic	events.
   1 made	an
   1 made	consumer-to-consumer.
   1 main	sources
   1 maintaining	6.5
   1 major	changes
   1 major	players
   1 make	contingency
   1 make	sustainability
   1 makers	continue
   1 makers,	therefore,
   1 making	it
   1 making	tough
   1 making,	and
   1 manage	assortments,
   1 manage	commercial
   1 manage	crises
   1 manage	the
   1 manage	uncertainty,
   1 management	and
   1 management	now
   1 manufacturing	are
   1 manufacturing	in
   1 manufacturing	processes.
   1 manufacturing	sector,
   1 many	as
   1 many	brands
   1 many	companies
   1 many	countries
   1 many	fashion
   1 many	have
   1 many	in
   1 many	is
   1 many	markets.
   1 many	purchases
   1 many.	Against
   1 margin	was
   1 margins	are
   1 margins	driven
   1 margins.	However,
   1 margins.	Speculation
   1 markdown	pressures,
   1 market	and
   1 market	capitalization
   1 market	capitalizations
   1 market	corrections,
   1 market	have
   1 market	sell-off
   1 market.	Humanitarian
   1 market.	They
   1 marketplace	experiences
   1 markets	and
   1 markets	remain
   1 markets,	new
   1 markets,	upended
   1 markets.	Nonetheless,
   1 markets.	Shifts
   1 markets.	There
   1 masks	some
   1 masses,	and
   1 match	customer
   1 materials	and
   1 matter	of
   1 mature	markets.
   1 mature	part
   1 may	be
   1 mean	hunger
   1 means	focusing
   1 means	nervous
   1 measures	actions.
   1 media	accelerating
   1 media	to
   1 media,	peer
   1 meet	customer
   1 member	of
   1 mere	2
   1 microplastic	flows
   1 middle	class,
   1 midmarket	and
   1 midmarket	in
   1 midmarket	price
   1 midsize	enterprises
   1 midsize	players.
   1 millennials,	two-thirds
   1 mind	the
   1 minds	of
   1 minds,	fashion
   1 mindset	was
   1 mission	aligns
   1 mobile	shopping
   1 model	and
   1 model.	Economically,
   1 model.	Laggards
   1 models	(Exhibit
   1 models	and
   1 models,	streamline
   1 models,	using
   1 modern	fashion
   1 modern	shopper’s
   1 modest	but
   1 modest	growth
   1 modest	recovery
   1 momentum	driver
   1 momentum,	the
   1 money	on
   1 months	away.
   1 months	into
   1 months	tended
   1 months,	McKinsey
   1 months,	and
   1 months,	it
   1 months,	many
   1 months.	9
   1 months.	Around
   1 months.	In
   1 months.	The
   1 months.	This
   1 mood	For
   1 mood	of
   1 more	active
   1 more	cautious
   1 more	closely
   1 more	compelling
   1 more	confidence
   1 more	constructive
   1 more	demanding,
   1 more	discerning,
   1 more	effectively
   1 more	efficient,
   1 more	focused
   1 more	important
   1 more	inclusive.
   1 more	intense
   1 more	nuanced
   1 more	on
   1 more	optimistic
   1 more	premium
   1 more	research
   1 more	seamless
   1 more	selective.
   1 more,	see
   1 more,	they
   1 more-demanding	customers
   1 more.	Shoppers
   1 most	authoritative
   1 most	challenging
   1 most	important
   1 most	important,
   1 most	likely
   1 most	of
   1 most	optimistic
   1 most	positive
   1 most,	3
   1 mostly	an
   1 motion	to
   1 move	beyond
   1 move	toward
   1 movement	of
   1 moving	into
   1 much	as
   1 much	steeper
   1 much	to
   1 multiple	fronts
   1 multiple	markets
   1 multiyear	transformations
   1 must	cater
   1 must	focus
   1 must	shift
   1 must	think
   1 names,	while
   1 native	ARIAS
   1 nature,	is
   1 navigate	the
   1 nearly	triple
   1 necessary	over
   1 needs	better
   1 needs	present
   1 negative	returns
   1 negatively	for
   1 nervous	times
   1 net-zero	emissions
   1 never	been
   1 new	barriers,
   1 new	breed
   1 new	channels.
   1 new	entrants—Anta
   1 new	features
   1 new	generations
   1 new	ground
   1 new	markets,
   1 new	norm,
   1 new	normal
   1 new	online
   1 new	opportunities
   1 new	opportunities—even
   1 new	paradigm
   1 new	technologies,
   1 newness,	and
   1 newness.	Digital-first
   1 news	for
   1 next	12
   1 next	year,
   1 nimble,	think
   1 no	call
   1 no	longer
   1 norm,	and
   1 normal	will
   1 normal.	ABOUT
   1 normal.	After
   1 not	be
   1 not	being
   1 not	believe
   1 not	breaking
   1 not	earning
   1 not	fit
   1 not	helped
   1 not	just
   1 not	looking
   1 not	optimistic
   1 not	possible
   1 not	to
   1 notably	pessimistic,
   1 noted	in
   1 now	be
   1 now	but
   1 now	detecting
   1 now	need
   1 now	on
   1 now	primed
   1 now	the
   1 now.	The
   1 nuanced	assessments
   1 number	that
   1 nurture	local
   1 ocean.	Consumers
   1 of	2
   1 of	20
   1 of	2016,
   1 of	2018—a
   1 of	2020,
   1 of	2022.
   1 of	2023.
   1 of	290
   1 of	3.5
   1 of	30
   1 of	Chinese
   1 of	Fashion (PDF–8MB).
   1 of	January
   1 of	The
   1 of	activity
   1 of	all
   1 of	almost
   1 of	an
   1 of	anxiety
   1 of	any
   1 of	apparel,
   1 of	awakening.
   1 of	brick-and-mortar
   1 of	capital
   1 of	change.
   1 of	comparison
   1 of	concern.
   1 of	consumption”
   1 of	course,
   1 of	customers.
   1 of	differentiation,
   1 of	direct-to-customer
   1 of	economic
   1 of	fashion-industry
   1 of	fashion?
   1 of	flux,
   1 of	go-to-market
   1 of	growth
   1 of	half
   1 of	hope:
   1 of	human
   1 of	industrial
   1 of	industry
   1 of	innovation.
   1 of	insolvencies,
   1 of	investment
   1 of	large
   1 of	larger
   1 of	low
   1 of	many.
   1 of	microplastic
   1 of	months.
   1 of	optimism
   1 of	ownership,
   1 of	people
   1 of	pesticide
   1 of	platform
   1 of	policy
   1 of	possible
   1 of	pressure.
   1 of	private
   1 of	recent
   1 of	scenarios
   1 of	shifting
   1 of	shoppers
   1 of	size
   1 of	sourcing
   1 of	specific
   1 of	sportswear
   1 of	store
   1 of	subdued
   1 of	sustainability through
   1 of	sustainable
   1 of	tech
   1 of	their
   1 of	these
   1 of	those
   1 of	touchpoint,
   1 of	trade
   1 of	trends
   1 of	two
   1 of	unemployment
   1 of	urban
   1 of	wholesale,
   1 of	–35
   1 of	“Super
   1 of	“athleisure,”
   1 of	“hidden
   1 off	by
   1 offer	alongside
   1 offer	revenue
   1 offer	shoppers
   1 offered	a
   1 offering	consumers
   1 offering	innovative
   1 offerings.	Flagship
   1 office),	Anita
   1 office),	Jakob
   1 office),	and
   1 office), Achim	Berg
   1 office), Saskia	Hedrich
   1 office).	The
   1 office,	Martine
   1 office,	Saskia
   1 office.	The
   1 offline	channels,
   1 offline	touchpoints.
   1 offline.	The
   1 offset	economic
   1 often	dominate
   1 often	inadequate
   1 often	leaving
   1 old	rules
   1 old	success
   1 omnichannel	perspective,
   1 omnichannel	services.
   1 on	2017
   1 on	The
   1 on	a
   1 on	aggregate
   1 on	an
   1 on	average).
   1 on	average,
   1 on	average.
   1 on	crisis
   1 on	demand
   1 on	equal
   1 on	everyone’s
   1 on	global
   1 on	high
   1 on	how
   1 on	improving
   1 on	its
   1 on	margins.
   1 on	multiple
   1 on	offline
   1 on	our
   1 on	performance,
   1 on	physical
   1 on	red
   1 on	social
   1 on	spending
   1 on	strategic
   1 on	strategy,
   1 on	sustainability,
   1 on	transparency
   1 on	volatility
   1 on	what
   1 on	whether
   1 on	“getting
   1 one	hand,
   1 one	to
   1 one	would
   1 one-fifth	of
   1 ones	that
   1 online	fast-fashion
   1 online	on
   1 only	9
   1 only	a
   1 only	are
   1 only	category
   1 only	does
   1 only	external
   1 operating	margins
   1 operating	models
   1 operations	that
   1 operations,	and
   1 opportunistic	investment,
   1 opportunities	actively
   1 opportunities	at
   1 opportunities	from
   1 opportunities.	Brands
   1 opportunities.	Some
   1 opportunities.	Those
   1 opportunities—but	also
   1 opportunities—even	as
   1 opportunity.	Fashion
   1 opposite	end
   1 optimism	(even
   1 optimism	expressed
   1 optimism	is
   1 optimism	seen
   1 optimistic,	with
   1 or	North
   1 or	financial
   1 or	more.
   1 or	region.
   1 or	rudderless
   1 or,	at
   1 organizations	and
   1 organizations.	No
   1 orientation,	newness,
   1 orientations	increasingly
   1 other	category.
   1 other	companies,
   1 other	hand,
   1 other	market
   1 other	regions
   1 other	regions;
   1 other	segments
   1 other	transformative
   1 other,	global
   1 others	are
   1 others	combined.
   1 others,	Inditex,
   1 our	2018
   1 our	The
   1 our	analysis
   1 our	base
   1 our	conversations
   1 our	estimates,
   1 our	global
   1 our	index
   1 our	industry
   1 our	infographic
   1 our	new
   1 our	previous
   1 our	report
   1 our	respondents’
   1 out	from
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   1 outbreaks	and
   1 outbreaks	worsened
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   1 outcomes.	Indeed,
   1 outlast	the
   1 outlets	will
   1 outlining	the
   1 outlook	by
   1 outlook	has
   1 outpaced	GDP
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   1 outperformed	all
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   1 outsiders	step
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   1 over	time
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   1 over.	A
   1 overall	consumer
   1 overall	growth
   1 overall	industry
   1 overall	stock
   1 overview	of
   1 own	identity
   1 owned	gems
   1 owners	should
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   1 ownership,	as
   1 pace,	customers
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   1 pack.	Download
   1 pact	to
   1 pandemic	adding
   1 pandemic	alone,
   1 pandemic	dominating
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   1 pandemic	remains
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   1 pandemic	tracks
   1 pandemic,	8
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   1 pandemic.		
   1 pandemic.	Our
   1 paradigm	taking
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   1 particular	building
   1 particularly	among
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   1 particularly	vulnerable.
   1 partly	by
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   1 partners	in
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   1 peak	in
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   1 peers	were
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   1 people	across
   1 people	in
   1 people	will
   1 percent	CAGR
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   1 percent	and
   1 percent	annual
   1 percent	annually,
   1 percent	annually.
   1 percent	below
   1 percent	between
   1 percent	by
   1 percent	expect
   1 percent	from
   1 percent	growth
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   1 percent	higher,
   1 percent	more
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   1 percent	on
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   1 percent	over
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   1 percent	to
   1 percent	year-on-year
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   1 percent,	slightly
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   1 percent.	In
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   1 percentage	point
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   1 perfect	functionality
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   1 performance	gap
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   1 players	benefited
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   1 players.	In
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   1 point	less
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   1 positive	outcomes.
   1 positive	trajectories
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   1 possible	for
   1 possible	responses.
   1 postcoronavirus	world.
   1 postcoronavirus	world?
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   1 potential	for
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   1 product	innovations.
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   1 profit	grew
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   1 quality,	values
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   1 radical	transparency
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   1 rapid	succession,
   1 rapidly	to
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   1 real	signs
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   1 reality	and
   1 reality	in
   1 realize	these
   1 reason	that
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   1 rebound	is
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   1 recent	data
   1 recessionary	market
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   1 record	remains
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   1 recovers	from
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   1 recovery	before
   1 recovery	strategies
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   1 recovery,	companies
   1 recovery,	outbreaks
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   1 red	alert.
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   1 reflects	the
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   1 region.	Silver
   1 region.	Sunny
   1 regional	divide
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   1 relatively	insulated
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   1 released	late
   1 reliant	on
   1 reluctance	of
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   1 remain	a
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   1 remained	stable
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   1 remains	a
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   1 renewed	energy.
   1 repercussions	are
   1 repercussions	of
   1 report	(PDF–8MB)
   1 report	by
   1 report	explores
   1 report	finds
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   1 report	has
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   1 report	optimism
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   1 report,	last
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   1 required,	it
   1 requires	major
   1 research	into
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   1 respect	to
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   1 respond	by
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   1 respondents	think
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   1 responses.	Reflecting
   1 responsible	for
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   1 retail	has
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   1 return	before
   1 return	to
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   1 revenue	contraction
   1 revenue	opportunities
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   1 revenues	for
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   1 reviews	or
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   1 revolution,	helping
   1 reward	companies
   1 rewarding	their
   1 rich	with
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   1 rise	came
   1 rise	in
   1 rise	through
   1 rise	to
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   1 rising	4
   1 risk	and
   1 risks.	We
   1 road	if
   1 roiled	the
   1 role	as
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   1 rosy than	it
   1 rudderless	as
   1 rules	simply
   1 running	in
   1 said	conditions
   1 said	that
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   1 sales	decline
   1 sales	down
   1 sales	have
   1 sales	is
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   1 sales—more	than
   1 same	last
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   1 savvy	tech
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   1 say	is
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   1 say	they
   1 says	this
   1 scale	of
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   1 scenario,	we
   1 scenarios	and
   1 scenes:	digitization
   1 scraps.	Alongside
   1 scrutinize	convenience,
   1 seamless	fulfillment,
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   1 sector,	and
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   1 sectors	have
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   1 see	2020
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   1 see	local
   1 see	markets
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   1 see	significant
   1 see.	This
   1 seeing	a
   1 seeing	real
   1 seeking	to
   1 seem	over.
   1 seems	likely
   1 seems	set
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   1 seen	last
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   1 segment	as
   1 segment	continued
   1 segment	has
   1 segment	is
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   1 segment	since
   1 segment,	covered
   1 segment,	or
   1 segment,	players
   1 segment,	the
   1 segment.	Notably,
   1 segments	are
   1 segments	by
   1 segments	should
   1 segments,	and
   1 segments,	executives
   1 segments,	markets,
   1 segments,	too.
   1 segments.	2017:
   1 segment’s	woes,
   1 selective.	More
   1 self-disrupting	before
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   1 sentiment	and
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   1 sentiments,	as
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   1 serve	shrewder
   1 services.	The
   1 services—the	beginning
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   1 settles	Once
   1 settles.	The
   1 seventh-largest	economy
   1 severity	of
   1 sexual	orientations
   1 shake-up	in
   1 shake-up	of
   1 shakeout	gathers
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   1 shaped	by
   1 shaping	the
   1 share	at
   1 share	data,
   1 share	from
   1 share	in
   1 share	the
   1 shared	by
   1 shareholders.	For
   1 shelf.	This
   1 shift	in
   1 shift	to
   1 shifting	category
   1 shifting	demographic
   1 shifting	in
   1 shifting	markets,
   1 shifts	linked
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   1 shifts,	such
   1 shifts.	Mainstream
   1 shine	a
   1 shining	(Exhibit
   1 shock	the
   1 shock	waves
   1 shop.	By
   1 shoppers	exclusive
   1 shoppers	in
   1 shopper’s	comfort
   1 shopping	to
   1 short,	the
   1 shortening	the
   1 should	also
   1 should	bear
   1 should	lead
   1 should	make
   1 should	see
   1 showing	signs
   1 shrewder	and
   1 side,	we
   1 signals	the
   1 significant	changes;
   1 significant	cost
   1 significant	increase
   1 significant	player,
   1 significant	revenues.
   1 signs	point
   1 silver	linings
   1 silver	linings,
   1 similar	trajectory
   1 simple,	and
   1 simply	don’t
   1 since	2013.
   1 since	2014.
   1 since	World
   1 situation	will
   1 size	and
   1 size	will
   1 sleeker,	more
   1 slight	improvement
   1 slightly	in
   1 slightly	more
   1 slow	down
   1 slower	growth
   1 slowing	and
   1 slowly	to
   1 sluggish	overall
   1 so	in
   1 sober	across
   1 sober	mood
   1 social	causes,
   1 social	gatherings.
   1 social	issues,
   1 social	media,
   1 social-justice	concerns,
   1 solvents,	and
   1 some	20,000
   1 some	22
   1 some	as
   1 some	big
   1 some	experts
   1 some	extent
   1 some	mature
   1 some,	the
   1 sourcing	and
   1 sourcing	opportunities.
   1 south–south	trade
   1 spaces	and
   1 spearheaded	an
   1 special	coronavirus
   1 specific	market
   1 spectrum	is
   1 speed	from
   1 speed	of
   1 speed	to
   1 speed.	As
   1 speed.	When
   1 speedy	global
   1 speed”	is
   1 spend	about
   1 spending	and
   1 spending	is
   1 sportswear	and
   1 spotlight,	and
   1 spur	the
   1 stabilize	and
   1 stable	over
   1 stable,	and
   1 stagnating	profit
   1 standout	performance
   1 stands.	At
   1 stark	contrast
   1 stark	reality
   1 start	of
   1 start	putting
   1 status.	The
   1 steadily	evaporated
   1 steady	2
   1 steeper	decline
   1 step	change,
   1 step	up
   1 still	expected
   1 still	pack
   1 still	represents
   1 still	undergoing
   1 stock	market.
   1 store	ROI
   1 store	formats
   1 store	level—and
   1 store-based	digital.
   1 store-network	expansion.
   1 stores	in
   1 stores	over
   1 stores	remain
   1 stores	were
   1 stores	will
   1 stores.	4
   1 stores.	Although
   1 stories	will
   1 stories.	Over
   1 storm	for
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   1 storms	ahead
   1 strain	as
   1 strategic	clarity
   1 strategic	reviews
   1 strategically,	sharpen
   1 strategies	and
   1 strategies	for
   1 strategies	into
   1 strategies,	and
   1 strategy	and
   1 strategy,	align
   1 streamline	their
   1 stretch,	has
   1 strong	Asia–Pacific
   1 strong	demand
   1 strong	determination
   1 strong	growth
   1 strong	performance
   1 strong	public-health
   1 strong,	the
   1 stronger	sales
   1 stronger,	leaner,
   1 stronghold	for
   1 strongly.	We
   1 struggle.	By
   1 subdued	tourist
   1 subsides.	Even
   1 succeed	will
   1 success	stories
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   1 success	to
   1 success,	there
   1 successful	in
   1 successful	will
   1 succession,	halting
   1 such	digital-first
   1 suddenly	bleaker.
   1 suggests	cautious
   1 sun	is
   1 suppliers,	contractors,
   1 supply	and
   1 supply	chain
   1 supply	chain means
   1 supply	chain,
   1 supply	chains
   1 supply	chains—and
   1 supply-chain	efficiency,
   1 supply-side	crisis.
   1 support	at
   1 supported	by
   1 sure,	except
   1 surmounting	challenges.
   1 surprisingly,	this
   1 survey	is
   1 survey	of
   1 survey,	the
   1 survey.	The
   1 surveyed	in
   1 surveying	more
   1 surveys,	data,
   1 sustainability	first,
   1 sustainability	grow
   1 sustainability	real.
   1 sustainability through	the
   1 sustainability,	and
   1 sustainability,	and,
   1 sustainability,	digitization,
   1 sustainability,	the
   1 sustainable	action.
   1 sustainable	fashion
   1 sustainable	innovation
   1 sustainable	materials
   1 swan	and
   1 swan”	event
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   1 system,	from
   1 system,	such
   1 system,	the
   1 system,	with
   1 systems	are
   1 take	a
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   1 take	place
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   1 taken	time
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   1 taking	shape
   1 taking	share
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   1 task	for
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   1 tech	have
   1 tech	players
   1 technological	advancements,
   1 technologies	such
   1 technologies,	and
   1 technologies,	as
   1 technologies.	It’s
   1 technologies.	Successful
   1 technology,	social
   1 ten	years
   1 tended	to
   1 tensions,	and
   1 textile	sector
   1 than	$10
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   1 than	500
   1 than	all
   1 than	doubled
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   1 than	that
   1 than	they
   1 than	through
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   1 thank	Sarah
   1 thanks	to
   1 that	2016
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   1 that	80
   1 that	India is
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   1 that	accurately
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   1 that	reflects
   1 that	revenues
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   1 that	themes
   1 that	there
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   1 that	underpins
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   1 the	19
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   1 the	April
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   1 the	acceleration
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   1 the	big
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   1 the	bunting
   1 the	burden.
   1 the	challenges
   1 the	chance
   1 the	changes
   1 the	circular
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   1 the	close
   1 the	clouds.
   1 the	continued
   1 the	corner,
   1 the	corner?
   1 the	coronavirus
   1 the	curtain
   1 the	cutting
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   1 the	decline
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   1 the	discussion
   1 the	dominant
   1 the	dot-com
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   1 the	duration
   1 the	dynamics
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   1 the	ease
   1 the	economy is
   1 the	effects
   1 the	elite
   1 the	enhancement
   1 the	entire
   1 the	environment
   1 the	environment.
   1 the	fact
   1 the	factory
   1 the	fastest-growing
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   1 the	front
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   1 the	high-end
   1 the	impact
   1 the	importance
   1 the	improvement
   1 the	index
   1 the	individual
   1 the	industry:
   1 the	industry—even
   1 the	inevitable—things
   1 the	largest
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   1 the	light
   1 the	limits
   1 the	luxury,
   1 the	market
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   1 the	mature
   1 the	minds
   1 the	modern
   1 the	movement
   1 the	need
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   1 the	old
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   1 the	optimism
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   1 the	ownership
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   1 the	pandemic.
   1 the	past.
   1 the	personal
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   1 the	reluctance
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   1 the	repercussions
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   1 the	road
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   1 the	shifts
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   1 the	standout
   1 the	start
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   1 the	storm.
   1 the	strength
   1 the	sun
   1 the	super
   1 the	supply-side
   1 the	three
   1 the	trend
   1 the	trends
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   1 the	vanguard,
   1 the	virus
   1 the	volatility
   1 the	way,
   1 the	well-known
   1 the	whole
   1 the	words
   1 the	world
   1 the	world,
   1 the	world.
   1 the	world’s
   1 the	wreckage
   1 the	“athleisure”
   1 the	“hidden
   1 the	‘superwinners’
   1 their	European
   1 their	activities
   1 their	business
   1 their	category
   1 their	compound
   1 their	control.
   1 their	core
   1 their	cost
   1 their	customer
   1 their	decision
   1 their	economic
   1 their	ecosystem,
   1 their	energy
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   1 their	financial
   1 their	fingers
   1 their	fingertips,
   1 their	historic
   1 their	impact
   1 their	leaders
   1 their	listed
   1 their	old
   1 their	operations,
   1 their	own
   1 their	peers
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   1 their	performance
   1 their	productivity
   1 their	profit
   1 their	purchase
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   1 their	speed
   1 their	strong
   1 their	supply
   1 their	values—while
   1 their	workers
   1 them	gain
   1 them	have
   1 them	in
   1 them,	engaging
   1 them,	some
   1 themes	affecting
   1 themes	around
   1 themes	in
   1 themes	of
   1 themes	that
   1 themselves	are
   1 then	Italy,
   1 there	has
   1 there	may
   1 there,	and
   1 therefore,	is
   1 these	20
   1 these	areas
   1 these	changes
   1 these	consumer
   1 they	base
   1 they	browse
   1 they	did
   1 they	embark
   1 they	fail
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   1 they	must
   1 things	considered,
   1 think	conditions
   1 think	digital-first,
   1 think	strategically,
   1 third	quarter
   1 third	readout
   1 third	trend
   1 this	backdrop
   1 this	change,
   1 this	comes
   1 this	environment,
   1 this	fast-moving
   1 this	giant
   1 this	growth;
   1 this	is
   1 this	reality
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   1 this	special
   1 this	will
   1 this	work.
   1 this	year.
   1 this	year’s
   1 this	“black
   1 those	already
   1 those	brands
   1 those	companies
   1 those	in
   1 those	leaning
   1 those	that
   1 thoughts	and
   1 three	new
   1 three	trends
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   1 through	geographic,
   1 through	other
   1 through	recovery,
   1 tick	up
   1 tick-box	exercise
   1 time	as
   1 time	during
   1 time	in
   1 time	the
   1 time	they
   1 time	this
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   1 time,	consumers
   1 time,	government
   1 time,	is
   1 time,	more
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   1 time.	Twelve
   1 times	as
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   1 times.	As
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   1 to	10
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   1 to	25
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   1 to	its
   1 to	job
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   1 to	marketplace
   1 to	match
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   1 to	positive
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   1 to	some
   1 to	stabilize
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   1 to	take
   1 to	technology,
   1 to	terms
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   1 to	thrive
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   1 to	trends.
   1 to	truly
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   1 to	–30
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   1 touch	everyone,
   1 touch	that
   1 touch,	feel,
   1 touchpoint,	consumers
   1 touchpoints.	But
   1 tough	decisions—for
   1 tough	for
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   1 toughen	up.
   1 toughest	years.
   1 tourism	in
   1 tourist	arrivals,
   1 toward	real
   1 toward	recovery,
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   1 track	record
   1 tracks	an
   1 trade	agreements.
   1 trade	and
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   1 trade	tensions,
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   1 trading	away
   1 traditional	business
   1 traditional	fast-fashion
   1 traditional	marketing,
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   1 trajectory.	The
   1 transformation.	The
   1 transformational	feature.
   1 transformations	into
   1 transformative	shifts.
   1 translates	into
   1 transparency	and
   1 transparency	into
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   1 treat	their
   1 treatment	and
   1 trend	established
   1 trend	has
   1 trend	is
   1 trend.	Product
   1 trends	and
   1 trends	defining
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   1 trends	likely
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   1 trick	in
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   1 trillion	in
   1 trillion.	In
   1 triple	between
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   1 two	key
   1 two	months,
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   1 two	percentage
   1 two	reports,
   1 two	years
   1 two	years.
   1 two-thirds	say
   1 ultimate	severity
   1 unable	to
   1 uncertain	trajectory.
   1 uncertain,	and
   1 uncertain.	External
   1 uncertainty	in
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   1 uncertainty	over
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   1 uncertainty),	and
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   1 uncertainty.	However,
   1 under	historic
   1 under	immense
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   1 unemployment	will
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   1 unforeseeable	humanitarian
   1 unicorn	status.
   1 unknown,	it
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   1 unpredictability	as
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   1 unsurprisingly,	67
   1 unsurprisingly,	investors
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   1 up	on
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   1 up	their
   1 up	to
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   1 upended	supply
   1 upstarts	do
   1 urban	centers.
   1 urgency	now.
   1 us	identify
   1 use.	Washing,
   1 used	in
   1 using	analytics
   1 using	automation
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   1 vacation,	the
   1 vaccine,	which
   1 valuations	and
   1 valuations	of
   1 value	chain
   1 value	chains.
   1 value	definitions.
   1 value	outside
   1 value	proposition
   1 value	proposition,
   1 value	sectors
   1 value	segments,
   1 value,	the
   1 value-creating,	they
   1 values	by
   1 values	orientation,
   1 values—while	at
   1 vanguard,	we
   1 varies	across
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   1 view.	We
   1 virus	more
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   1 visited	a
   1 volatility	and
   1 volatility	of
   1 volatility,	continued
   1 vote	in
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   1 wait	and
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   1 watch	in
   1 watches	and
   1 watches,	luxury
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   1 watershed	for
   1 waves	of
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   1 way,	brands
   1 ways	to
   1 we	also
   1 we	believe
   1 we	do
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   1 we	take
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   1 wear	continues
   1 wear.	We
   1 well-known	brands,
   1 went	on
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   1 were	expected
   1 were	imposed
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   1 what	is
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   1 when	the
   1 when	this
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   1 where	Shrina
   1 where	healthcare
   1 where	record
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   1 while	a
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   1 while	signs
   1 who	reported
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   1 whole	is
   1 wholesale,	are
   1 whose	commitment
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   1 widespread,	with
   1 will	bring
   1 will	change
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   1 will	engage
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   1 will	mean
   1 will	need
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   1 will,	in
   1 win	new
   1 winners	had
   1 winners	were
   1 winners	will
   1 winners,	both
   1 winners.	Download
   1 winners:	affordable
   1 winners”	accurately.
   1 winning	segments,
   1 wise	companies
   1 with	2019,
   1 with	2019.
   1 with	2020.
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   1 with	49
   1 with	60
   1 with	75
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   1 with	coherent
   1 with	consumer
   1 with	continued
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   1 with	developments
   1 with	digital
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   1 with	everything
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   1 workers	and
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   1 workers	in
   1 world	recovers
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   1 world.	Download
   1 world?	Even
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   1 worry	about
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   1 written	off
   1 year	2019,
   1 year	ago.
   1 year	ahead
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   1 year	before,
   1 year	compared
   1 year	for
   1 year	had
   1 year	has
   1 year	running
   1 year	shaped
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   1 year and	the
   1 year)	and
   1 year,	compared
   1 year,	laid
   1 year,	thanks
   1 year,	we
   1 year-on-year	rise
   1 year-on-year,	although
   1 year-on-year,	but
   1 year.		
   1 year.	But
   1 year.	In
   1 year.	Our
   1 year?	Based
   1 years	(Exhibit
   1 years	and
   1 years	forward
   1 years	the
   1 years,	and
   1 years,	which
   1 years.	Looking
   1 years.	Terrorist
   1 year—a	percentage
   1 year’s	The
   1 year’s	global
   1 year’s	report
   1 yet.	Performance
   1 zones	and
   1 €2.7	billion
   1 –27	to
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   1 –35	to
   1 –39	percent
   1 “Inclusive	Culture,”
   1 “Super	Winners,”
   1 —a	much
   1 “athleisure,”	emerging
   1 “athleisure”	trend
   1 “bionic”	customer
   1 “black	swan”
   1 “challenging.”	3
   1 “getting	woke,”
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   1 “hidden	champions”
   1 “need	for
   1 “quarantine	of
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   1 “self-disrupt”	will
   1 “super	winners”
   1 ‘superwinners’	Polarization
   1 “test	and
   1 “too	20th
   1 “uncertainty”	and
   1 “value	destroyers,”
   1 “value	destroyers.”
   1 “woke”	consumers