The Year Ahead: What a Fashion Company Looks Like in 2023
Fashion executives need a new vision for what the organisation of the future will look like, focusing on attracting and retaining top talent as well as elevating teams and senior positions to align with strategic objectives for growth.
Though 97 percent of executives expect salaries and other SG&A costs to rise in the year ahead, they should resist the temptation to put talent and organisational projects on ice.
The Great Resignation continues to weigh heavily on the industry. 55 percent of executives cited the talent crunch as one of the top factors impacting their business in 2022.
Education and training typically generate a return on investment that is between two-and-a-half and three times higher than recruiting, boosting the business case for investing in skills gaps found in key areas like sustainability, IT and supply chain.
The seventh annual State of Fashion report by The Business of Fashion and McKinsey & Company reveals the industry is heading for a global slowdown in 2023 as macroeconomic tensions and slumping consumer confidence chip away at 2022′s gains. Download the full report to understand the 10 themes that will define the industry and the opportunities for growth in the year ahead.
Several major fashion firms, including VF Corp., The Gap and The RealReal, are without a permanent chief and experts say the turmoil at the top is a prime opportunity to reshape the industry’s leadership profile. MyTheresa and J.Crew CEOs discuss leadership.
At the onset of 2023, fashion recruiters, career coaches and academic lecturers explain how professionals can set and achieve career goals through strategic planning, agility and support from their network.