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.
Slogan T-shirts, themed sneakers and marketing emails that mention the heritage celebration are rarer this year, as consumers grow tired of cash-in collections and corporate diversity efforts face a backlash. Some brands say they’re steering resources away from flashy gestures and towards more meaningful work.
As artificial intelligence continues to shape the fashion industry and its output, BoF Careers explores what AI’s advanced capabilities mean for the fashion workplace — and how the workforce could adapt to gain competitive advantage.