The US luxury group that owns Coach, Kate Spade and Stuart Weitzman is focused on customer-centric tactics and products to grow in turbulent times, says the CEO in an interview for The State of Fashion 2023.

Trend forecasters are calling an end to the age of excessive consumption, while the resale platform says its tie-up with the hit reality show has converted millions to secondhand shopping.

From a stabilised supply chain to the return of brick-and-mortar, the industry saw a new sense of normal in 2022. Still, challenges and new competition remain. How will brands and retailers adapt?

Consumers will be unevenly impacted by economic turbulence in the year ahead. Depending on disposable income levels, some will postpone or curtail discretionary purchases, while others will seek out bargains, creating opportunities for off-price, resale and rental channels.

Formalwear will continue to be redefined in 2023. The black suit will no longer be a wardrobe staple and consumers will prioritise versatility for work and events, though special occasions will be dominated by statement-making outfits.

The holiday sales bonanza promotes rampant consumerism. And yet, for many sustainably minded designers and founders it’s a valuable marketing moment they can’t resist.

An uncertain economy and freefalling resale prices have created a sense of unease in the category, but watch dealers and experts say the best is still ahead.

Roughly 5 percent of listings will be hit by the move, the resale site said, as it seeks to position itself as an eco-conscious player at the upper end of an increasingly competitive market.