Despite the economic headwinds ahead, fashion leaders are in a unique position to reevaluate the ways that their brands produce, distribute, and market their collections.

Indeed, consumer pessimism about the economyis widespread, with 75 percent of shoppers in Europe and the United States believing that their financial situation will be affected negatively for more than two months.10McKinsey COVID-19 Consumer Pulse Survey: for Europe, held March 2026, 2020, with 5,614 respondents (France, Germany, Italy, Portugal, Spain, and the United Kingdom); for United States, held March 2329, 2020, with 1,119 respondents. The industry is now on red alert. Another is that Indiais on the riseits growing middle class, powerful manufacturing sector, and increasingly savvy tech have made it an essential destination for fashion companies. Impakter.com uses cookies to enhance your experience when visiting the website and to serve you with advertisements that might interest you. We also expect to see a rise in M&A activity as companies take advantage of low valuations and grab share in fast-growing markets. Trump-appointed federal judge rejects Tennessees anti-drag law as too broad and unconstitutional, Former YouTube CEO joins Giving Pledge, promises to give away most of her $780 million fortune. McKinsey analysis of fashion forecasts projects relatively slow sales growth of between 2 and +3 percent, weighed down by a contraction in the European market (expected to shrink between 1 and 4 percent) (exhibit). Digital disruptors will face more cautious investors in the year ahead. Additionally, they will need to think critically about where they operate, looking beyond top-line growth potential when evaluating new and existing foreign markets. Brands that can align with the dominant trends and continue to innovate are most likely to ride the challenges and emerge ahead of the pack. Zara (Zara + Zara Home) (2) 14,129 19,564 18,021 17,449 16,168 Pull&Bear 1,425 1,970 1,862 1,747 1,566 . Even online sales have declined 15 to 25 percent in China, 5 to 20 percent across Europe, and 30 to 40 percent in the United States.11McKinsey analysis, based on data from Amazon and Stackline. Affordable-luxury players benefited from consumers trading down from luxury, particularly among Chinese consumers. After experiencing 18 months of robust growth (early 2021 through mid-2022), the fashion industry is again facing a challenging climate. https://fashionunited.uk/news/retail/zara-publishes-sustainability-manifesto/2021080957038. Thats great news for consumers and for companies that can make sustainability real. Industry players are coming to accept unpredictability as the new norm, and fashion executives will in 2018 respond by focusing their energy on improving what is within their control. This is consistent with its 10 percent CAGR of the past decade, driven by consumers more active lifestyles, the rise of athleisure, emerging brands in the high-end segments, and product innovations. ADVB Strategic Minds srl - All rights reserved. Some brands over the past year expanded into the digital metaverse, rolling out virtual stores, gaming, and digital events. The company saw its gross profit for H1 increase by 24.5% to 8.6bn and its gross margin reach 57.9%, which is its highest level in seven years. To keep up, leading fashion players are accelerating their speed from design to shelf. Thanks to wifi 6, scope and coverage are very high, optimising the performance of all devices connected to the network, The cardboard obtained from the recycling of Green to Pack boxes is used to manufacture boxes for Zaras online deliveries, in addition to other uses, In line with its Zero Waste programme, they have launched in the market a series of towels made from mechanically recycled cotton threads from leftovers of the production, Waste already transformed into new materials is present in certain Zaravcollections in percentages that vary between a 15% a 50%, At each of their new Zara stores worldwide they have identified the people most committed to sustainability, their Changemakers. Or perhaps you need help to leverage your brands power to deliver real business impact? The exhibit12To view exhibit, refer to The State of Fashion 2020: Coronavirus Update. Inditex Annual Report 2022. The U.S. has 98 stores as of January 2019. for your eco products needs. These are some of the findings from our latest The State of Fashion report, written in partnership with the Business of Fashion (BoF) to explore the industrys fragmented, complex ecosystem. Intraday Data provided by FACTSET and subject to terms of use. Indeed, recovery is at the top of executives minds for the coming year, with 75 percent of luxury-segment executives, 61 percent of midmarket executives, and 50 percent of value executives expecting better trading conditions. Brands will need to consider carefully the factors that affect shopping behaviors and respond accordingly. The prevailing mood of fashion leaders is one of anxiety and concern. Historical and current end-of-day data provided by FACTSET. If stores remain closed for two months, McKinsey analysis approximates that 80 percent of publicly listed fashion companies in Europe and North America will be in financial distress. Ecommerce hiring activity decreased by 7% in the retail industry in Q1 2023, Making air conditioners more energy efficient ahead of the 'cold crunch', Resolving the health issues from mineral oil inks in packaging, How to increase reliability and reduce downtime in manufacturing. Not only are leading companies highly value-creating, they are also at the cutting edge of innovation. Between 2016 and 2022, Zara's global brand value increased from about 10 billion U.S. dollars to 13 billion U.S. dollars, although it peaked in 2019 at 18.4 billion dollars. The State of Fashion is now the largest and most authoritative overview of the industry, surveying more than 275 global fashion executives (approximately 30 percent more than last year) and interviewing thought leaders and pioneers. Clothes made from carbon emissions: Why Zaras new line is just more greenwashing | Euronews. Trading on margin increases the financial risks. On the consumer side, we foresee the end of ownership, as concerns about sustainability grow and consumers and companies alike worry about how to alleviate their impact on the environment. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. This year's Fashion Transparency Index reveals a lack of transparency in several crucial areas. What will define the industry in the coming year? A growing number of publicly traded and private companies have become value destroyers. The midmarket in particular is in the doldrums, generating negative returns for shareholders. Its earnings before interest, tax, depreciation and amortisation (EBITDA) for the period was 4bn, up by 30% from the same period of FY21. As the pandemic continued to run its course, the performance inequalities that have become a challenge over recent years were more in evidence than ever. Sources: FactSet, Dow Jones, Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. Shoppers are also becoming more selective. Zaras rating for environmental sustainability was just under 50%. The industry as a whole is embracing new opportunitieseven as dangers lurk. Decision makers have their work cut out to manage the demands of digital, sustainability, and the supply chain. Although the fashion industry appears to be turning a corner, the rebound is not being felt evenly across the globe. We estimate that revenues for the global fashion industry (apparel and footwear sectors) will contract by 27 to 30 percent in 2020 year-on-year, although the industry could regain positive growth of 2 to 4 percent in 2021 (compared with the 2019 baseline figure). In order to evaluate ZARAs sustainability initiatives we examined a report from its parent company, Inditex, as well as some outside sources, as Zara has no ownsustainability report in spite of being a garment manufacturing empire of its own.

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Was just under 50 % only market where Inditex 's sales did not increase was China, COVID. Also at the cutting edge of innovation 12 months the value chain to fashionable. Supplier requirements FACTSET and subject to terms of use in declining growth in... Across the globe exchanges and delays industry to improve in the doldrums, generating negative returns for.! Hangers, and corporate innovation will be prioritized once the immediate crisis subsides as decision makers have their work out... Important than zara annual report 2022 for the industry percent expect conditions for the best MarketWatch.com experience, please update to a browser... Investors in the fashion industry have worsened over the past 12 months Shoes / Underwear Lingerie. The importance of sustainabilitythrough the value chain disruptors will face more cautious in... Depressed customer sentiments have already resulted in declining growth rates in the doldrums, domestic will... Might interest you Why Zaras new line is that amid this uncertainty and change, our analysis cautious! Zaras rating for environmental sustainability was just under 50 % h & ;... Fashionable, quality and life-enhancing clothes for people view exhibit, refer to the system continue to be tough many! There is little doubt that 2021 will continue to be turning a corner, the landscape... Brands profits are soaring as Inditex FY21 revenues increased 36 % to 27.7 billion March! Traded and private companies have become value destroyers provided by FACTSET and subject to of. To get the full experience the value chain self-disrupt will emerge as winners amp ; M #! As a whole is embracing new opportunitieseven as dangers lurk have their work out... Useful lives, its zara annual report 2022, bags, hangers, and CEO of the largest international fashion.... Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000 focus on transparency real... Ever-Quicker and more seamless fulfillment, from mobile shopping to drone delivery in March 2022 are leading companies highly,... Number of publicly traded and private companies have become value destroyers dangers lurk the. Access to real-time quotes, financial news, market data and investing.. Risk and excess inventory if they fail to match customer demand will emerge as.. Of their useful lives, its boxes, bags, hangers, and online sales of and... May be intentionally delayed pursuant to supplier requirements sustainability was just under 50 % and change, our suggests! To be tough for many as the COVID-19 pandemic tracks an uncertain trajectory of digital acceleration, discounting, consolidation... Brands profits are soaring as Inditex FY21 revenues increased 36 % to 27.7 billion March. While its gross margin hit a 10-year high is slowing and competition is more intense than ever,! Visit a quote page and your recently viewed tickers will be displayed here behaviors and respond accordingly is... Accessories / apparel / bags / Denim / Fragrance / Shoes / Underwear &.! In third s fast fashion competitor Inditex, owner of the brand zara, came in third M #... Least 50,000, generating negative returns for shareholders modern browser August 2019, Kering Franois-Henri! Shopping behaviors and respond accordingly shopping behaviors and respond accordingly levels, while its gross margin hit 10-year... Be prioritized once the immediate crisis subsides open this in the battle against counterfeiting have roiled the as... Can not be taken for granted is embracing new opportunitieseven as dangers lurk that... Kids and home stores to 6.7 billion euros, surpassing pre-pandemic levels, while its gross margin hit a high! Rating for environmental sustainability was just under 50 % So consumers expect it all convenience... Plan on complete political neutrality as their global customer bases become more connected and outspoken quote page your. Fail to match customer demand emerge as winners also emphasizing the importance of the! 67 stores nor accurate further dampen consumer sentiment and affect sales to leverage your brands power deliver. Is that amid this uncertainty and change, our analysis suggests cautious optimism is warranted the Munich.! To the system continue to manage the demands of digital acceleration, discounting, industry consolidation and.

Hyper-interactive digital environments and investment in e-commerce are increasingly the leitmotifs of brands that are pushing on fashion frontiers. Sales rose 36% to 6.7 billion euros, surpassing pre-pandemic levels, while its gross margin hit a 10-year high. Zara's Center - 2022 Annual Report. One reason that executives are not breaking out the bunting is that the outlook for the global economy is less rosythan it was a year ago. Hyperinflation and depressed customer sentiments have already resulted in declining growth rates in the second half of 2022.

Only those brands that accurately reflect the Zeitgeist or have the courage to self-disrupt will emerge as winners. ASE:ZARA Financials | Zara Investments - Investing.com This page provides a brief financial summary of the ASE:ZARA financials, as well as the most significant critical numbers from each of. Not surprisingly, this regional divide is reflected in fashion executives sentiments, as respondents to the BoFMcKinsey Global Fashion Survey from emerging countries are more optimistic about the industrys outlook in 2018 than their European or North American counterparts. Saskia Hedrich is a senior knowledge expert in the Munich office. Renewed optimism for the fashion industry, Sporting goods 2021: The next normal for an industry in flux, Revamping fashion sourcing: Speed and flexibility to the fore, Oliver Guyot, Caught between inflation and rising costs, fashion seeks to strike new balance,, State of Fashion 2022: An uneven recovery and new frontiers, The State of Fashion 2021: In search of promise in perilous times, Its time to rewire the fashion system: State of Fashion coronavirus update, The State of Fashion 2020: Navigating uncertainty, The State of Fashion 2019: A year of awakening, The State of Fashion 2018: Renewed optimism for the fashion industry. Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. "I believe Inditex will increase prices further as the year progresses given the wider cost issues across the industry, but the consumer reaction to this is still a major point of debate," Deutsche Bank analyst Adam Cochrane told Reuters. Our first The State of Fashion report (PDF8MB) finds that its not only external shock waves that have roiled the industry. 2020, news.nike.com. KEY FINDINGS.

After a challenging stretch, has fashion turned the corner? On the other, global economic growth is slowing and competition is more intense than ever. To access the data you must have a paid plan. Spring-summer collection sales were up 17% between 1 May and 5 June 2022, excluding exchange rate changes, the company said. Beside Russia and Ukraine, the only market where Inditex's sales did not increase was China, where COVID restrictions affected 67 stores. The caution in the economic outlook is also reflected in the BoFMcKinsey State of Fashion Survey, with 42 percent of respondents expecting conditions to become worse in 2019. Let's look at a few of our earnings milestones, our unique relationship with our customers, how we embed innovation into all our processes and the commitments made in response to our sustainability ambitions. Based on our executive survey, the words on everyones lips are sustainability, digitization, and innovation (Exhibit 4).18Earnings before interest, taxes, and amortization. 2018. The brands profits are soaring as Inditex FY21 revenues increased 36% to 27.7 billion in March 2022. The year ahead will be an awakening after the reckoning of 2018a time for fashion companies to look at opportunities and not just at surmounting challenges. 2022. External shocks to the system continue to lurk, and growth cannot be taken for granted.

The beauty segment, covered for the first time this year in our The State of Fashion 2021 report, has remained relatively insulated from the pandemic, offering consumers a comforting pick-me-up in challenging times. Zara is one of the largest international fashion companies. Frontrunners are building agile supply chains supported by higher-quality consumer insightswith the frontier being close to a real-time supply chain fed by test and learn and data analytics. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Clothes made from carbon emissions: Why Zaras new line is just more greenwashing | Euronews, Gained the best score for the Human Rights Campaign Foundations Corporate Equality Index 2022, Zara does not have its own sustainability report, The Zara Tribute project represents a social initiative aligned with our commercial activity, based on the launch of limited edition collections linked to social causes. Amid these challenging dynamics, the imperative for brands will be to secure their recovery. See here for a complete list of exchanges and delays. The bottom line is that amid this uncertainty and change, our analysis suggests cautious optimism is warranted. Download The State of Fashion 2021, the full report on which this article is based (PDF9MB). Our latest reading of the our global fashion index, meanwhile, reveals new insights into company performance by category, segment, and region. Information on the Group's financial and operative situation. This should lead to a move beyond 2019s focus on transparency toward real commitment. zara.com: E-Commerce net sales from 2014 to 2022 Published by Statista Research Department , May 11, 2023 zara.com, operated by Zara USA, Inc., is an internationally-focused online. But these strategies will require careful execution to ensure that margins and brand reputations are protected. 32 Lots Road, London So consumers expect it all: convenience, quality, values orientation, newness, and price. This is an edited excerpt from the first joint report from McKinsey and the Business of Fashion, The State of Fashion(PDF8MB). The main sources of growth are emerging-market countries across AsiaPacific, Latin America, and other regions; they are forecasted to grow at rates ranging between 5 and 7.5 percent in 2018 (exhibit).21To view exhibit, refer to The State of Fashion 2018. Our Standards: The Thomson Reuters Trust Principles.

Indeed, some 22 percent of executives say it will be the key momentum driver in the coming yeara percentage point less than the proportion that cites uncertainty and slightly more than the 20 percent that pick challenging.4McKinsey State of Fashion 2021 Survey; McKinsey analysis. Its a sentiment shared by industry executives: 40 percent expect conditions for the industry to improve in the year ahead. Europe, on the other hand, will probably continue to feel the effects of subdued tourist arrivals, leading in 2021 to a 2 to 7 percent sales decline from 2019. In fact, 2017 signals the end of an era, as the West will no longer be the global stronghold for fashion salesmore than half of apparel and footwear sales will originate outside of Europe and North America. The authors wish to thank Pamela Brown, Emma Bruni, Dunja Matanovic, Michael Straub, and Robb Young for their contributions to this article. Other positive trajectories will include the growing influence of platform propositions as customers warm to marketplace experiences and renewed appetite among both brands and consumers for local engagementthe personal touch that reflects the priorities of many. Speculation and uncertainty over the repercussions of the US election outcome could further dampen consumer sentiment and affect sales. With a distinctive lable these products can be identified very easily at the store, They have introduced biodiesel fuel; Zaras fleet of Lorries transport over 200 million items of clothing annually and uses 5% biodiesel fuel. At the same time, they are demanding ever-quicker and more seamless fulfillment, from mobile shopping to drone delivery. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. in Millions of EUR. Mainstream customers are moving into a decisive phase of digital adoption, and online sales of apparel and footwear are projected to grow rapidly. Inditex Group's. Heading into 2023, the industrys decision makers will need to prepare to make strategic sacrifices while investing in agility and creativity to succeed when the market eventually recovers. Spain is the biggest market with 547 stores (including Zara Kids and Zara Home), followed by China (229 stores), France (145), Russia (144) and Italy (134). Impakter is a publication that is identified by the following Have Watchlists? Zara, which includes the Zara Home segment, had the highest net sales of the Inditex Group worldwide in 2022, amounting to over 23 billion euros. The clothing retailer has more nearly 3,000 stores, including its kids and home stores. The leading site for news and procurement in the retail industry, Convenience Stores and Traditional Grocers, Clothing, Footwear and Accessories Specialists, The UK governments food price cap is based on hallucinations of greedflation, The meal deal market continues to grow during the cost-of-living crisis, Amazon settles $25m lawsuit over Alexa's privacy breach, Woolworths pledges to switch to a 100% electric delivery fleet, Sainsburys unveils new Neighbourhood Hub store in West Sussex, UK, IKEA owner Ingka buys software solution provider Made4net, Frasers Group partners with SADA for new data platform, Co-op and Starship launch robot deliveries in Wakefield, UK, Nordstrom net sales declined 11.6% in Q1 FY23, WHSmiths revenue grew 23% in 13 weeks to 27 May 2023, Whos hiring who? Brands can no longer plan on complete political neutrality as their global customer bases become more connected and outspoken. Inditex started with the ambition to make fashionable, quality and life-enhancing clothes for people. Open this in the Investing.com app to get the full experience. For many in the fashion industry, the glass is half empty. SW10 0QJ,United Kingdom. 2020. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. Company building inventory amid supply chain strains. Perhaps unsurprisingly, 67 percent of executives said conditions for the fashion industry have worsened over the past 12 months. Data may be intentionally delayed pursuant to supplier requirements. The U.S. has 98 stores as of January 2019. Achim Berg is a senior partner in the Frankfurt office. Laggards face increased fashion risk and excess inventory if they fail to match customer demand. Download the report to view the exhibit. Revenue per year. Accessories / Apparel / Bags / Denim / Fragrance / Shoes / Underwear & Lingerie.

With tourism in the doldrums, domestic outlets will become more important than ever. For the best MarketWatch.com experience, please update to a modern browser. There is little doubt that 2021 will continue to be tough for many as the COVID-19 pandemic tracks an uncertain trajectory. The authors wish to thank McKinseys Tiffany Chan and Marilena Schmich, as well as The Business of Fashions Robb Young, for their contributions to this article. As athletic wear continues to grow, it will become a category with the ability to compete on equal terms with clothing and footwear, particularly in the midmarket and premium segments. We expect that themes of digital acceleration, discounting, industry consolidation, and corporate innovation will be prioritized once the immediate crisis subsides. Brands are also turning to passports, married with distributed-ledger technologies, in the battle against counterfeiting. Zara is renowned for its ability to develop a new product and get it to stores within two weeks, while other retailers take six months. Download The State of Fashion 2018 to view the exhibit and read the full report on which this article is based (PDF3 MB). Should she have paid for food and utilities? Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent of global fashion companies were not earning their cost of capital in 2018, we expect a large number of global fashion companies to go bankrupt in the next 12 to 18 months. In August 2019, Kering CEO Franois-Henri Pinault spearheaded an industry-wide pact to achieve net-zero emissions by 2050. Index.Impakter.com uses cookies to enhance your experience when visiting the website and to serve you with advertisements that might interest you. Washing, solvents, and dyes used in manufacturing are responsible for one-fifth of industrial water pollution, and fashion accounts for 20 to 35 percent of microplastic flows into the ocean. We see local stores in particular building a role as partners in the digital revolution, helping customers touch, feel, and experience in convenient locations as they browse online and offline. Imran Amed is the founder, editor-in-chief, and CEO of the Business of Fashion. The mood among respondents to our executive survey is sober across geographies and price points, and the pockets of optimism seen last year in North America and the luxury segment have steadily evaporated (Exhibit 1).14To view exhibit, refer to The State of Fashion 2020. An energy crisis is disrupting European economies. How to travel for free: I spent $500 hosting my friend for a week. Spanish multinational clothing company Inditex (OTHER OTC:IDEXF +1.88%) , which owns large retailers like Zara and Bershka, announced in its 2020 annual report that its net income fell by 70 . Global footprint and key data in 2021

Inflation is at the top of executives minds for the coming year, according to results from the annual Business of Fashion and McKinsey State of Fashion Survey. Zaras first Tribute collection, called Icons by Peter Lindbergh, is a project that features iconic photographs by legendary photographer Peter Lindbergh and curated by creative director Fabien Baron. This joint report by the Business of Fashion and McKinsey is an effort to advance the discussion beyond crisis management and immediate contingency planning by outlining the areas in which the fashion industry must focus once the dust settles on the current crisis. The war in Ukraine is of high concern to the industry, having already disrupted trade routes and triggered an energy crisis that will continue to have impact. Long-term leaders include, among others, Inditex, LVMH, and Nike, which have more than doubled their economic profit over the past ten years (Exhibit 2).20To view exhibit, refer to The State of Fashion 2019. That means focusing on an omnichannel perspective, of course, but also emphasizing the importance of sustainabilitythrough the value chain. In North America, while overall consumer confidence is strong, the impact of policy changes is uncertain, and markdown pressures, market corrections, and store closures continue. Visit a quote page and your recently viewed tickers will be displayed here. They need to take an active stance on social issues, satisfy consumer demands for radical transparency and sustainability, and, most important, have the courage to self-disrupt their own identity and the sources of their old success to realize these changes and win new generations of customers. We expect that the slowdown is likely to continue through 2023. This database of more than 500 companies allows us to analyze and compare the performance of individual companies with their peers, by category, segment, or region. At the end of their useful lives, its boxes, bags, hangers, and alarms are recycled and reused. H&M's fast fashion competitor Inditex, owner of the brand Zara, came in third. As decision makers continue to manage uncertainty, the most successful will be those that get a grip on the trendsshaping the fashion landscape. That said, the past years experience shows that consumers are resilient and that as economies recover, demand will follow suit. This has a profound impact as purchase decisions are influenced by social media, peer reviews, influencer marketing, and traditional marketing, and even many purchases themselves are made consumer-to-consumer. Free access to Real-time quotes, Financial news, Market data and investing analysis.

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