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Climate urgency. The frequency and intensity of extreme weather-related events in 2023 mean the climate crisis is an even more urgent priority than in previous years. With physical and transition risks rising across continents, the industry must not delay in tackling emissions and building resilience into supply chains.
I’m not calling time of death on the brim-rolled beanie era?longshoreman cosplay habits die hard?but we’re already seeing the return of the skull-hugging caps that warmed the domes of ’90s snowboarders. They’re toasty, of course, and sleek, and at their best when graced with obnoxiously-sized logos, hi-viz colors, or both. ?Michella Or? Bows aren?t just for your hair anymore (though you can wear them there, too). They started appearing all over the place last spring, with brands adding them to seemingly everything?from jackets to shoes. And according to Pinterest, searches for ?bow outfit? have increased by 190 percent. You can add a mini clip or single bow to your hair or go all in with bow-accented blouses, ballet flats, and accessories.All eyes on brand. Brand marketing is expected to be back in the spotlight as the fashion industry manages a switch away from performance marketing. Brands may benefit from forging emotional connections with consumers as marketers rewrite playbooks to emphasise long-term brand building.
According to McKinsey?s analysis of fashion forecasts, the global industry will post top-line growth of 2 to 4 percent in 2024 (exhibit), with regional and country-level variations. Once again, the luxury segment is expected to generate the biggest share of economic profit. However, even there, companies will be challenged by the tough economic environment. The segment is forecast to grow globally by 3 to 5 percent, compared with 5 to 7 percent in 2023, as consumers rein in spending after a postpandemic surge. European and Chinese growth is set to slow, while US growth is expected to pick up after a relatively weak 2023, reflecting the slightly more optimistic outlook there.
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