The New Normal: The Innovation Imperative Is Here to Stay
Companies will need to embed crisis-born innovations into long-term strategies to future-proof their business models, resulting in radical and enduring changes to their organisations and the wider industry, says The Business of Fashion and McKinsey’s Coronavirus Update to The State of Fashion 2020.
The social-media giant is making it easier for users to find inspirational images of people with similar hair, skin and body types as them, helping it attract Gen-Z consumers who are using shopping features on the platform at a higher rate than any other group.
US consumer spending across online luxury sellers like Farfetch, Matches and Net-a-Porter suffered sustained declines throughout 2023. The question is whether the downturn is simply temporary or the luxury e-commerce model itself is broken.