The Business of Fashion partnered with consulting firm McKinsey & Company to create their second edition of “The State of Fashion” for 2018. The year prior proved to be challenging overall due to its instability not just within the industry but with the changes in the economy and on the political scene.
There seems to be a brighter future ahead of us. Emerging markets are slowly but aggressively penetrating the fashion industry at large. As Global Fashion Media students, we had the chance to attend the exposition, Luxury Connect Africa, a platform for African luxury brands to showcase their designs. The two-hour class allowed us to meet the brains behind the brand, learn their story and their rich heritage culture that often seems to be bypassed by the fashion industry.
Designers in Luxury Connect Africa:
Another trend we can expect in 2018, will be a consumer behavioral shift that will force brands to adapt to new technological innovations while being able to deliver their identity and essence across. The ever-evolving and rapid technological advancements have proven to either make or break a brand’s credibility. Their online presence is no longer an option but a necessity to increase engagement with their market from across the globe.
Personalisation must also be taken into consideration when creating algorithms for the brand. It’s not just what needs to be uploaded to their e-commerce platform but also how the brand can reach out to each customer’s desires.
Though it seems that the various shifts will complicate the existing business models, these will only strengthen the fashion industry that has become stagnant in the past few years. If you’re interested in learning more about what to expect in 2018, then take the time to read the whole report exclusively at BOF.com.