Even before the coronavirus disrupted financial markets, upended provide chains, and crushed shopper demand throughout the worldwide economic system, fashion-industry leaders were not optimistic about 2020. The industry was already on high alert, and executives expressed pessimism across all geographies and price points in our annual report, The State of Fashion 2020, released late last year. But fast-forward a couple of months, and fashion’s outlook has gotten dramatically and abruptly bleaker. Despite a dip in margins, low cost Fashion and luxury outperformed the wider market in 2020, while the midmarket continued to be squeezed. However, performance was uneven, as countries with robust healthcare techniques and financial resilience fared better than others. Among product classes, it was a breakout year for sportswear, with forty two % of optimistic financial revenue in the MGFI index coming from sportswear corporations, amid strong development for Chinese gamers.
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