2026全球时尚行业分析报告英

The

State

ofFashion

2026Mc

sey&companyB

FACKNOWLEDGEMENTSTheauthors

would

like

to

thank

Emily

Beaumont,

LauraHyland,

HelenaHyytiäand

AoifeMullan

fromMcKinsey’sLondon,HelsinkiandDublinoffices

for

theircritical

roles

indelivering

this

report.

We

wouldalsolike

to

thank

AbhishekGoel

for

hissignificantcontribution

to

theMGFIarticleagain

this

year.Aspecial

thanks

toall

membersofThe

Businessof

Fashionand

theMcKinseycommunities

for

theircontributions

to

the

researchand

participationin

theBoF-McKinseyStateof

Fashion2026ExecutiveSurveyand

theBoF-McKinseyStateof

Fashion2026ConsumerSurvey,especially

themany

industryexperts

whogenerouslyshared

their

perspectivesduringinterviews.In

particular,

we

would

like

to

thankRoccoBasilico,JamesCadwallader,MichelleGass,DanielHerrmann,RatiSahiLevesque,

AlexisNasard,JoshuaSchulmanand

AhmedZaidi.Theauthorsaregrateful

to

Altiant

for

theircontribution

to

theresearch.The

widerBoF

team

hasalso

playedaninstrumental

roleincreating

this

report—in

particular,BrianBaskin,NickBlunden,SimoneSternCarbone,CathaleenChen,NiamhCoombes,

AmandaDargan,FredGalley,HeJia,

Vikram

AlexeiKansara,PresiyanaKarastoyanova,JoanKennedy,SarahKent,RawanMaki,MaliqueMorris,

AlexNegrescu,CarlosLopezSanchez,

ArunimaSharma,LillianSesiguzel,

Amy

Vien,

Amy

Warren,Robert

Williams,Michelle

Wiles,Josephine

WoodandRobb

Young.We

would

like

to

thank

the

followingMcKinsey

colleagues

for

theirspecialcontributions

to

the

reportcreation:Ekaterina

Abramicheva,Rhythm

Ahuja,Julie

Annis,Sarah

André,JiameiBai,MagdalenaBalcerzak,DanielleBozarth,JuliaBorrebaeck,PamelaBrown,InésCasanovas,JoyceChai,DhruvChandras,MichaelChui,BeccaCoggins,GurneetSinghDandona,JavierDelPozo,SandrineDevillard,Hayley

Doner,EricFalardeau,DavidFuller,KatharinaGiebel,Kenza

Haddioui,SangwooHan,HolgerHarreis,TakaHemley,JulianHügl,PatricioIbáñez,MichaelJennings,GabrielleJohansen,

YounghoonKang,SophiaKummers,NikolaiLangguth,JihyeLee,ClarisseMagnin,LauraMendoza,

AlexandraMondalek,BlaireMotes,SteveNoble,OlgaOstromecka,GizemOzcelik,RogerRoberts,KatharinaRombach,

AmaurySaintOlive,CarlosSánchez

Altable,

AliceScalco,JenniferSchmidt,

AlokSingh,NadyaSnezhkova,HenriStehle,MarieStrawczynski,CorinneTeschner,KatarinaTowianska,

YasufumiTozuka,andRebeccaZhang.We’dalso

like

to

thank

Vratislav

Pecka

for

thecoverillustration.The

Stateof

Fashion

2026

2

BFMCs。emypanyCONTENTS6

Executive

Summary10

Industry

Outlook18

GlobalEconomyTheme

01:

Tariff

TurbulenceTheme

02:

Workforce

Rewired38Consumer

ShiftsTheme

03:

The

AIShopperTheme

04:JewellerySparklesTheme

05:Smart

FramesTheme

06:

The

Wellbeing

EraFashionSystemTheme07:

Efficiency

UnlockedTheme08:

Resale

SprintTheme

09:

The

ElevationGameTheme

10:

Luxury

RecalibratedMcKinseyGlobal

FashionIndexThe

Stateof

Fashion

2026

3

BFMCs。emypany82128IMRANAMEDImran

Amed

isone

of

the

global

fashion

industry’s

leading

writers,

thinkersandcommentators,and

is

founder,chief

executiveandeditor-in-chief

ofThe

Businessof

Fashion(BoF),a

modern

mediacompanyand

theauthoritative

voice

of

the

global

fashionand

luxury

industries.Imran

holdsanMBA

fromHarvardBusinessSchoolanda

B.Com

fromMcGill

University.

He

was

born

inCanadaand

holdsBritishandCanadian

citizenship.Previously,Imran

wasa

managementconsultant

at

McKinsey&

Co.GEMMAD’AURIAGemma

D’Auria

isa

McKinseysenior

partnerand

leaderof

the

firm’s

global

Apparel,Fashion&Luxurysector.She

has

workedextensively

inNorth

America,Europeand

the

Middle

Eastsupporting

retail,

fashionand

luxury

playersand

family-owned

businessesinshaping

boldstrategic

agendasanddriving

transformations

for

higherperformanceandorganisational

health.Gemma

is

alsoa

leaderof

McKinsey’sCEO

Excellenceinitiativeand

is

passionateaboutsupporting

the

leadership

journeysof

top

teamsandCEOs.ANITA

BALCHANDANIAnita

Balchandani

isasenior

partner

inMcKinsey’sLondonoffice.

Anita

co-leads

the

Apparel,

Fashion&

Luxury

sector

in

EMEA.

She

works

with

global

brandsand

retailers

in

shapingambitiousgrowthagendas,drivingdigital

transformationanddesigning

winning

models

for

the

future.

Anitaalso

worksextensively

in

the

privateequityspace

leading

diligenceand

valuecreation

plan

supportacross

numerous

growthequity

transactions.AMANDADARGANAmanda

Darganco-headsBoF

Insights,TheBusinessof

Fashion’sdata

andadvisorydivision,

whereshe

leadsstrategy,operations

and

productdevelopment.Sheoversees

thecreationanddelivery

of

BoF

Insights’proprietary

AIanalysesand

tools,driving

the

company’s

mission

to

harness

technologyand

data

to

generateactionable

insights

for

fashion

and

luxury

leaders

worldwide.MARCBAINThesenior

technologycorrespondentatThe

Businessof

Fashion,Marc

Bain

reports

on

the

innovationsreshaping

the

global

fashionindustryand

writesa

weekly

tech

newsletter.

In

hiscareerasa

reporter,

includingseveralyearsas

the

fashion

reporteratQuartz,

he

has

coveredallaspectsof

the

industry,

fromgarment

workers

to

the

runway,and

in2021

receivedanaward

in

business

journalism.HANNAH

CRUMPAsdirector,BoF

InsightsatThe

Businessof

Fashion,HannahCrumpexecutes

in-depth

editorialprojectsand

partners

with

industry

experts

tocreatedata-driven

researchandanalysis

for

leadersin

the

global

fashionand

beauty

industries.Hercareerspansover

10

years

ineditorialand

project

management

positions

in

fashion

mediaand

publishing.COLLEENBAUMColleen

Baumisasenior

partner

in

McKinsey’s

New

York

officeand

isa

leaderof

McKinsey’sretailandappareloperations

practice

in

North

America.Sheadvises

retailersand

fashionbrandsonend-to-endcost

management,supply

chainstrategy,

retail

footprint,

inventorymanagementandomnichannel

fulfilment

topics.DAVIDBARRELETDavid

Barrelet

isa

partner

in

McKinsey’sHamburgofficeand

is

partof

the

leadership

of

McKinsey’s

Apparel,Fashion&

Luxurysector

in

EMEA.

He

works

withsportswear,

fashion

and

luxury

brandsand

retailersona

variety

of

topics

including

growthstrategies,operatingmodel

transformationsand

M&A.The

Stateof

Fashion

2026

4

BFMCs。emypanyCONTRIBUTORSDANIELZIPSERDanielZipser

isasenior

partner

in

McKinsey’s

Shenzhenofficeand

leads

McKinsey’s

Apparel,

Fashion&

Luxurysectoracross

Asia-Pacific.Daniel

works

witha

broadsetof

companiesacrossGreaterChinaand

Asia-Pacific,primarily

onsalesand

marketing

topics,

witha

deep

understandingof

localconsumersandretail

trends

in

addition

to

holistic

topicsincludingorganisation,corporate

finance

and

operations.RAWANMAKIRawan

Makico-headsBoF

Insights,TheBusinessofFashion’sdata

andadvisorydivision,and

bringsa

background

in

fashionandconsulting

fromBain&

Company.

Rawan

holdsa

PhD

in

fashionandculture

from

theLondonCollege

of

Fashion.

AtBoF

Insights,

she

runsBoF’s

majorclientengagements

in

fashionand

luxury,

working

withclientson

developing

growthstrategies

informed

bycreativeand

customer

fit.ALEXANDERLIAlexanderLi

is

partof

The

Business

ofFashion’sdataandadvisory

team,

BoFInsights.His

roleas

associate

director

ofadvisory

entailscollaborating

with

fashionand

beauty

clients

to

help

themachieve

new

levels

of

cultural

relevanceandcommercialsuccess.Alexandercomes

froma

consulting

background

witha

focuson

growthstrategies

in

theconsumerspace.JOËLLEGRUNBERGJoëlleGrunberg

isa

partner

in

McKinsey’sNew

York

office

and

is

partof

the

Apparel,Fashion&Luxurysector

in

the

Americas.She

focuseson

growthstrategy,

internationalexpansionandcommercial

transformation.Before

re-joining

McKinsey,Joëlleserved20

yearsasa

C-suite

leaderof

fashionandfootwear

brands

including

Wolverine,Boston

BrandsandLacoste

Americas.LITOMICHAELIDOULito

Michaelidou

isanengagement

manager

inMcKinsey’s

London

officeand

is

partof

theApparel,

Fashion&

Luxury

sector

in

EMEA.She

works

withsportswear,

fashionand

luxurycompaniesacrossEurope

and

the

US

on

avariety

of

topics

including

growthstrategies,operating

model

transformations,

value

creationand

M&A.FELIXRÖLKENSFelix

Rölkens

isa

partner

in

McKinsey’s

Berlin

officeanda

co-leaderof

McKinsey’s

Apparel,

Fashion&

Luxury

sector

in

EMEA.

He

works

withapparel,sportswearand

fashione-commerce

companies

in

EuropeandNorth

America

ona

wide

range

of

topics

including

strategy,operating

modeland

merchandising

transformations.The

Stateof

Fashion

2026

5

BFMCs。emypanyCONTRIBUTORSAs

fashionexecutives

lookahead

to2026,

they

are

contending

witha

fundamentally

new

reality.

US

tariffs

have

redrawn

trade

mapsand

forced

brands

and

theirsuppliers

to

rapidly

adjustandadapt.Consumerscontinue

to

rethink

theirspending,seeking

valueanddevotingmore

of

their

budgets

to

other

goals,

including

theirown

healthandwellbeing.Theswiftonsetof

AI,

meanwhile,

means

fashion

leadersare

navigatinga

rapidly

changingtechnologicallandscape.While

theongoingdisruptions

may

feeldaunting,

they

are

in

fact

partof

a

widersetof

longer-termsystemicshifts.The

Businessof

FashionandMcKinsey

have

been

trackingglobaleconomicdislocations,shiftingconsumer

preferencesandchanges

to

the

fashionsysteminThe

StateofFashion

reports

for10

years

now.The

publication

of

our

first

report

in2016

coincided

with

theBrexit

vote

in

the

UK

and

the

firstelectionofDonaldTrump.Since

then,

we

haveexamined

the

impactof

aonce-in-a-generation

pandemic,

global

supply

chain

upheavaland

theindustry’s

trackrecordonsustainability,among

many

other

macro

themes.Whereas

in

previous

years

fashion

leaders

facing

the

volatility

of

globalaffairs

were

uncertainabout

what

layahead,

now

theyseem

to

haveacceptedthatconstantchange

issimply

the

new

normal.“Challenging”

hasovertaken“uncertainty”as

the

wordexecutives

polled

in

theannualBoF-McKinseyStateof

FashionExecutiveSurvey

used

most

frequently

todescribe

the

industry

in2026,

with

tariffscitedas

the

numberone

hurdle.Perhaps

unsurprisingly,

then,

many

leadersarefeeling

pessimisticandarenot

expectinganeasyroadahead.This

year,46

percent

say

they

expectconditions

to

worsen

in2026,compared

with39percentin

last

year’ssurvey.

By

geography,36percent

view

North

Americaas

unpromisingor

very

unpromising,double

last

year’sshare.But

noteveryoneisso

downbeat.

Among

thosepolled,25

percent

believe

industry

conditions

willimprove,

up

from20

percent

in2025,suggestingsome

playerssee

pocketsof

opportunity.Sentiment

towardsChina

is

finally

picking

up,evenasconditions

remaindifficult:28

percent

view

themarket

thereas

unpromisingin2026,down

from

41

percent

headinginto2025.The

industry’s

mainagenda

in2026

will

beadapting

to

this

new

environment

where

trade,consumer

behaviourand

technology

remain

inrapid

flux.

Agile

brands

thatcanadaptquickly

are

likely

toemergeas

the

winners.Harnessing

Artificial

IntelligenceWith

turbulent

conditions

including

volatile

input

costs,supply

chaindisruptionsandslow

growthstraining

fashion’seconomic

model,

AI

isshifting

fromacompetitiveedge

toa

business

necessity.Companiesare

reshaping

workforcesaccordingly,

withsomeexisting

jobs

becoming

more

AI-centric,

enabling

roles

toshift

towards

higher-valuecreative

andanalytical

tasks.To

harness

this

technologicalchange,companiesmust

redesign

their

processesandcompete

for

AItalent—

looking

beyond

the

fashionecosystem

tofind

it—

while

protecting

theessentialcreativitythat

makes

fashion

tick.Business

leaders

mustshift

their

focus

fromsmall

pilotsandexperiments

thatcanonly

deliver

incrementalchange

towardsamore

fundamental

reassessmentof

how

theirorganisations

work.

And

whilestill

nascent,agentic

AI

is

reshaping

how

people

workandcollaborate,so

fashioncompanies

will

need

to

figureout

how

they

can

harness

thisemerging

technology

too.AIisalso

transforming

how

peopleshop.Customers

are

turning

to

large

language

models

tosearch

forproducts,compareofferingsand

receive

tailored

recommendations.Somearealready

using

AIas

styleand

wardrobeconsultants,seekingadviceon

what

to

buy

and

where

to

buy

it,

makingEXECUTIVESUMMARYWhen

the

RulesChangeThe

Stateof

Fashion

2026

6

BFMCs。emypanyfashion

brands’

presencein

AIchatbot

responsesthe

newSEO.Thesedynamics

will

only

grow

more

pronouncedasagenticcommerceaccelerates

in

the

second

half

of

thedecade.New

Customer

Priorities,

New

CompetitorsFosteringcustomerloyalty

isemergingasanimportant

frontline

in

the

battle

forcustomers,

with

more

than

half

of

executivesciting

retentionstrategiesasa

key

themeshaping

the

industry

in

2026.To

retain—andattract—customers,

brands

willneed

to

give

them

what

they

want,and

increasingly

that

meansoffering

value.

While

luxury

playersraised

prices

withoutcorrespondingimprovements

in

productquality

orcreativity,design-led

brands

in

the

mid-marketelevated

their

productsandstoreexperiences.Now,

the

mid-market

is

the

fastest-growingsegment,

replacing

luxuryas

fashion’s

main

valuecreator.Jewellery

hasalso

thrivedas

fashion

brands

hiked

prices

faster.Strong

volumedemand

in

jewellery

is

expected

through2028,driven

by

consumers’desire

for

lastinginvestmentsandself-expression

alongsidea

riseinself-giftingamong

both

menand

women.Meanwhile,smarteyewear

that

blendsfashionand

technology

has

become

the

fastest-growingaccessory

category,

with

further

product

launchesexpected

in2026.Torevive

growth,

luxury

is

now

embarkingonaperiodof

reinventionasseveralof

the

largest

luxury

houses

welcomed

new

creativedirectors

in

the

year

throughSeptember2025.But

it

may

not

beenough.

High

prices

remainasignificant

hurdle

foraspirationalcustomers,andanyway,

moreand

more

would-be

luxury

shoppersare

focusingon

theirpersonal

wellness:

body,

mindand

health—a

trend

we

firstcalled

out

in2017.In

theend,2026

will

inevitably

be

yetanother

year

of

dislocation

for

fashioncompanies.Ina

flatmarket,only

thosecompanies

thatcapture

theheartsand

mindsof

customers

will

manage

to

grow

and

gain

marketshare.Are

you

ready?“TheBusinessofFashionandMcKinsey

havebeentrackingglobaleconomicdislocations,shiftingconsumerpreferences

andchangesto

thefashionsysteminTheStateofFashionreports

for10

yearsnow.”The

Stateof

Fashion

2026

7

BFMCs。emypanyBullwhip

Snaps20172018PredictablyUnpredictable201920OnHig20h

AlertBeyondChina2021DigitalSprint20UneReco22venverysticslock202024

20Asia’sGrowthEnBackDiscoveryReinventeInventory

Excellence25TradeReconfiguredValue

Shiftd2026ResaleSprintTheWellbeingEraTheAIShopperEfficiencyUnlockedTwo-Track

SpendingMoObsebilessedIn

tNeighbheourhoodDiminishedDemandLogiGridAIGets

RealGWettingokeSustainabilityLessis

MoreSeekingJusticeCircularTextilesTack

GreenwGen

AI’sCrosCreativesroadTheSust

ColleainabilityctiveWork

RewforceiredlingashingClimateUrgencySustainabilitySustainabilityCredibilityRad

TranspicalarencyMateRevolrialsutionDeeperPartnershipsportsRules10

YearsofThe

State

ofFashionCautionAheadAsianTrailblazersChina’sComeback?The

Stateof

Fashion

2026

8

9

BFMcCs。emypanyriflenceTaTurbuSustainabilitymomentumslowswhileregulatory

and

consumer

pressure

rises.EmergingAsianmarketsdrivemomentumasChina’sgrowthstalls.Geopoliticalturmoilmakesglobaltrade

increasinglycomplexandunpredictable.AIandautomationgraduatefromisolatedexperimentstocoreprocesses.Supplychainsgetmoreagileintheface

oftradedisputesandshippingcrises.Retailexperiencesevolve,frommobile-firsttoconnectedstorestoAIdiscovery.Fashionshoppersbecomeshrewder,

seekingvalueateverypricepoint.SHOPPINGDISRUPTEDTECHNOLOGYREVOLUTIONSUSTAINABILITY

STALEMATESUPPLYCHAIN

SPRINTTHE

AGEOF

VOLATILITYCRITICAL

CONSUMERSASIARISINGCONSUMERSHIFTSGLOBAL

ECONOMYFASH

IONSYSTEMNote:themesarenon-exhaustiveShrewderShoppersLivingtheVirusProduct

Passsifying

atilityFragmFutentedureNew

ginesIntenVolGloFragting

onalNowNeGetPersRegionalbalilityIndAscorverianentRealitiesTra

2.de

023withFirstIndustry

OutlookADifficultRoadAheadThe

Stateof

Fashion

2026

10

BFMCs。emypanyLookingahead

to2026,

the

word

most

frequently

used

todescribeexpectedconditions

in

the

fashion

industry

is“challenging,”surpassing“uncertainty”

which

was

mostcommon

in2024and2025.1

2

3Asa

result,

the

industry

outlook

for2026

remainsgenerally

downbeat.Forty-six

percentof

executives

expect

industry

conditions

to

worsen,an

increaseof

8

percentage

points(%points)over

the

previousyear.However,expectations

havealso

becomemore

polarised,as25

percentalso

foreseeindustry

conditions

improving—a5%point

increase.1

2Overall,

the

key

reasons

forconcern

remain

broadly

consistent

with

last

year—

nearly

eight

in10executivesciteconsumerconfidenceand

appetite

tospendas

the

top

risk

to

industry

growth.1

This

is

closely

tied

to

geopolitical

instability,

with

broader

macroeconomicconditionscontinuing

to

makeconsumer

behaviour

more

unpredictable.Moreso

than

in

previous

years,disrupted

tradeflowsanddeglobalisationare

weighing

heavily

onexecutivesas

they

lookahead

to2026.

Fortypercentof

leaderscite

thisas

one

of

their

top

three

risks(up25%pointsfrom

last

year),1

2

largely

driven

by

new

tariffs

thatare

reshapingsupply

chainsand

raisinginput

costs.IndustryOutlookExecutives

brace

for

challengesas

concerns

over

consumer

confidence

remainThe

Stateof

Fashion

2026

11

BFMCs。emypanyQuestion:Whataspectsoftheglobaleconomydoyouexpectwillbethegreatest

riskstogrowthinthefashionindustryin[year]?Selectthree,%Disruptedtradeflows/deglobalisationEconomicvolatilityInflationGeopoliticalinstabilityGeopoliticalinstabilityEconomicvolatilitySupplychaindisruptionsConsumerconfidenceandappetitetospendEconomicvolatilitySustainabilityInflationRisinginterestpricesConsumerconfidenceandappetitetospendInflationGeopoliticalinstability1st2nd3rd4th5th2024

2025

2026Source:

BoF-McKinsey

State

of

Fashion

Executive

Survey2024,2025and2026257866304027625551292267287032l

a

-_

-EuropeUSChinabFashion

Luxurya131282

1

to

342

1to

21

to2-2to

01052

2

to

4-1

to

1122to4-2to

0-6-82-192

2

to

3

1

to

3-32022202320242025E2026E2022202320242025E2026EMcKinsey’s

FashionGrowth

Forecasts

predict

the

global

fashion

industry

willonceagain

post

lowsingle-digit

growth

in2026.4

Heightenedmacroeconomic

volatility

isexpected

tocontinue

to

weighonsentimentand

drive

value-consciousconsumer

behaviour.Consumersentiment

has

been

especially

challenged

in

the

US

in2025.In

April,theconsumerconfidence

index

hit

its

lowest

levelsince

May2020amid

tariff

announcements,5

with

overall

US

industry

growthexpected

to

fallshortof

last

year’s

forecast

for2025.6The

luxurysegment

is

projected

tosee

modestimprovementsacross

marketsafteradifficult

2025,

supported

by

a

flurry

of

creative

resets

fashionleaders

hope

will

injectexcitement

into

the

industry.7Industry

growth

is

expected

to

remain

low

asmacroeconomic

uncertainty

persistsThe

Stateof

Fashion

2026

12