OXFORDSHIRE, United Kingdom — The key forces colliding and transforming the global economy each, on their own, are "larger than any economic force we’ve ever seen," said Richard Dobbs, senior partner at McKinsey & Company, in his December presentation at VOICES, BoF’s new annual gathering for big thinkers.
“The tidal wave that’s coming — if your core business is not going to survive, you better recognise it now and create new things."
Of course, pulling off the fundamental business transformations that are required in the face of these challenges is not easy, but something that is achievable if fashion's leaders are optimistic and build the capabilities to innovate.
Agility is critical, said Dobbs. “Both Netflix and Blockbuster had business models that weren't going to survive — one was agile and responded, and the other didn’t.” Survival will be easier for companies that don’t try to do everything themselves, he added. "Uber didn’t make cell phones."