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BoF LIVE: The State of Fashion: Technology

BoF and McKinsey experts unpack the special edition report, talk strategy for testing new technologies and staying competitive and answer audience questions.
BoF LIVE: The State of Fashion: Technology

As the dominance of e-commerce and social media shows, technology has dramatically altered fashion. And there’s still more to come: Right now, the industry is on the brink of an unprecedented technological acceleration which will affect the whole value chain, from sourcing to selling. Fashion companies are already responding. Investment in technology, including in things like AI and Big Data, is set to reach 3 to 3.5 percent of sales by 2030, up from 1.6 to 1.8 percent in 2021. The Business of Fashion and McKinsey & Company’s The State of Fashion: Technology report explores five key areas fashion brands are addressing, or should be addressing, to stay competitive: the metaverse, hyper personalisation, connected stores, end-to-end digital upgrades and traceability.

On the latest BoF live, BoF deputy editor Brian Baskin and technology correspondent Marc Bain are joined by Roger Roberts, McKinsey partner leading digital technology, retail and consumer products in North America, and Anita Balchandani, McKinsey senior partner leading fashion and luxury practice in Europe, to discuss the report, how fashion’s top brands are engaging with technology and what’s to come.

“It’s easy to look at how technology is evolving and get really excited about the shiny things out there. This is a time for actually a lot of heavy lifting to be done in order for the industry to create magical experiences for customers,” said Balchandani.

The State of Fashion: Technology
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Voices 2022