Top 3 Takeaways From BoF's State Of Fashion Report 2020

by: Rosie Dalton | 2 months ago | News

Image: via Business of Fashion. Image source

Each year Business of Fashion partners with McKinsey & Company to produce a report predicting fashion’s key trends for the year ahead. BoF’s State of Fashion Report 2020 has just landed and, amidst great uncertainty, brands need to get serious about sustainability. So below, we’re rounding up the top takeaways.

1) The future is uncertain
“The year ahead will open with the industry in a state of high nervousness and uncertainty, with most executives across fashion and the wider business world bracing for a slowdown in growth in the global economy,” BoF writes. As a result, caution is advised for fashion businesses right now, in the face of recession risk, geopolitical instability and the inflammation of trade tensions. “Because fashion is a global business with global supply chains, industry players are anxious about the impact of tariffs and trade disputes.”

2) Sustainability is key
In the face of instability, many fashion brands are seeking to future-proof their businesses through sustainability. In fact, many survey respondents said sustainability is their biggest challenge and biggest opportunity. “The global fashion industry is extremely energy-consuming, polluting and wasteful. Despite some modest progress, fashion hasn’t yet taken its environmental responsibilities seriously enough,” the report says. “Next year, fashion players need to swap platitudes and promotional noise for meaningful action and regulatory compliance.”

3) Material innovation is a top priority
A big part of the sustainability picture for brands will be material innovation. A whopping 67% of respondents said that using innovative sustainable materials will be important to them in 2020. “Fashion brands are exploring alternatives to today’s standard materials, with key players focused on more sustainable substitutes that include recently rediscovered and re-engineered old favourites as well as high-tech materials that deliver on aesthetics and function,” BoF writes. “We expect R&D to increasingly focus on materials science for new fibres, textiles, finishes and other material innovations to be used at scale.”

 

 

You can read the full report here.

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