Storm clouds are gathering, but the experience of recent years shows how the fashion industry may ride out the challenges ahead. In 2022, the industry again showed its resilience, almost equalling the record economic profit of 2021, the McKinsey Global Fashion Index shows. Echoing the pattern of the previous year, the luxury sector outperformed, with a 36% rise in economic profit that offset weakness in other segments. Yet, even the nonluxury sector was ahead of its long-term average. Strong margin performance meant the industry, in 2022, achieved more than double the economic profit than in all years between 2011 and 2020, except for one.
In 2023, the industry faced challenges that were both persistent and deepening. On a regional basis, Europe and the United States saw slow growth throughout the year, while China’s initially strong performance faded in the second half. Though the luxury segment initially fared well, it too began to feel the effects of weaker demand in the latter part of the year, leading to slowing sales and uneven performance.
According to McKinsey’s analysis of fashion forecasts, the global industry will post top-line growth of 2% to 4% 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%, compared with 5% to 7% in 2023, as consumers rein in spending after a post-pandemic 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.
この記事は Diamond World の November - December 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Diamond World の November - December 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
GJEPC's IIJS Tritiya: A Grand Showcase of Indian Jewellery Excellence
The latest edition of IIJS Tritiya surpassed its predecessor in scale and sophistication, boasting a staggering 900 exhibitors and 1,900 stalls spread across 40,000 square meters. Serving as an expansive marketplace, it facilitated crucial connections and collaborations for industry players, drawing over 15,000 pre-registered visitors from 500 cities in India and 60 countries, which emphasizes its global importance.
Venus Jewel ETHICAL SOURCING, RESPONSIBLE MANUFACTURING AT THE CORE OF VENUS JEWEL
Venus Jewel began its journey with a vision to revolutionize the industry, and took the bold step of becoming the first to specialize in premium size natural diamond manufacturing in India. This pioneering approach has allowed the company to differentiate itself from competitors, and cater to a unique market segment
GemGenève BUDDING DESIGNERS TO WATCH OUT FOR AT GEMGENEVE
Visitors to GemGenève's forthcoming edition, between May 9 and May 12, 2024, at Palexpo Hall 1, should not miss the amazing space known as the Designer Village. Bringing together rising stars of the gem and jewellery industry, the Village offers an uplifting overview of some of the most promising talents
Russian Diamond Imports ROUGH DIAMOND IMPORT DOWN BY 8% OWING TO G7-EU BAN: GJEPC
The phased ban on the import of Russian diamonds imposed by the G7 nations and the EU has thrown the global industry out of gear - India is particularly concerned as the livelihood of millions of people might be impacted. Vipul Shah, Chairman, GJEPC, talks to Suneeta Kaul about the steps that are being taken to address the challenges and mitigate the situation
THE NEW JEWEL IN TOWN: LAB-GROWN DIAMOND JEWELLERY TAKES CENTRE STAGE
Lab-grown diamond jewellery is not a fad. While many Indian retailers choose to be circumspect about jewellery laden with labgrown diamonds, which are chemically, optically and physically identical to natural diamonds, there is most definitely a revolution happening in this space, driven by demand backed by sheer affordability
Guinness World Records Recognizes Largest Tanzanite Sculpture
On March 9, 2024, a momentous occasion took place at the Rice Northwest Museum of Rocks & Minerals in Hillsboro, Oregon, marking a historic milestone in the world of gemstones.
Signet Jewelers Reports 6.3% Decline in Q4
Signet Jewelers reported a 6.3% decline in total sales to $2.5 billion during the quarter that ended February 3, 2024. Same-store sales were down 9.6%, compared to the previous year.
GIA Opens New Lab in Dubai
Gemological Institute of America (GIA) opened a new, state-of-the-art diamond grading laboratory, GIA Laboratory DMCC (Dubai Multi Commodities Centre) in Dubai on February 19, 2024.
WFDB Concludes Annual Presidents' Meeting in Shanghai
The World Federation of Diamond Bourses (WFDB) concluded its annual Presidents’ Meeting for 2024, held in Shanghai, China.
GJEPC Presents 50th India Gem & Jewellery Awards to Export Leaders
The Gem & Jewellery Export Promotion Council (GJEPC) presented the coveted 50th India Gem & Jewellery Awards (IGJA, to exporters.