The State of Fashion 2023

 Just as the fashion industry was beginning to find its feet after Covid-19′s turmoil, the later months of 2022 seem determined to throw brands and retailers off course again. Deteriorating macroeconomic and geopolitical conditions have weighed heavily on the industry in the second half of the year and continue to leave fashion executives on edge as they look towards 2023.

However, much of the industry is entering this difficult period with strong foundations, having experienced impressive growth in 2021 and in the first half of 2022. As economies around the world began lifting restrictions in 2021 after enduring the pandemic’s devastation, the fashion industry benefitted from a burst of pent-up consumer demand, despite some challenges remaining, like supply chain disruptions. Global industry revenues in 2021 grew 21 percent year on year, while the average EBITA margin close to doubled, growing 6 percentage points. The industry continued its strong performance in early 2022, with 13 percent revenue growth in the first half of the year.

If you would like to read more, access the report link:

https://cdn.businessoffashion.com/reports/The_State_of_Fashion_2023.pdf

This project has been funded with support from the European Commission. This publication reflects the views only of the author, and the Commission cannot be held responsible for any use that might be made of the information contained therein. 2021-1-RO01-KA220-VET-000033001

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