Where there is positive momentum, the primary driver will continue to be digital channels, reflecting the trend established before the COVID-19 crisis and the reluctance of people in many countries to gather in crowded environments. For those leaning forward and willing to help design the new features of the modern fashion system, the opportunities at hand to truly connect with fashion consumers across the globe have never been greater. Nurturing Sustainability in Fashion: Investigating the Essential Elements for Building a Circular A Deep Dive Into The Growing Fashion Industry In South Korea, Unveiling the Tactics: Analysing the Business Strategies Employed by Fast-Fashion Brands. Zara's Center - 2022 Annual Report. Unlock it. We expect a period of recovery to be characterized by a continued lull in spending and a decrease in demand across channels. Perhaps unsurprisingly, 67 percent of executives said conditions for the fashion industry have worsened over the past 12 months. No company will get through the pandemic alone, and fashion players need to share data, strategies, and insights on how to navigate the storm. The clothing retailer Bershka recorded the. This community ensures that sustainability reaches all their store teams, Through the Sustainability Innovation Hub collaborative platform to boost new technologies and more sustainable materials, Zara has joined forces with the startup LanzaTech to launch a capsule collection that incorporates fabric made with carbon emissions, Zara teamed with the start-up LanzaTech to launch a capsule collection of party dresses made with fabric from captured CO2 emissions, Impakter is a publication that is identified by the following. No one would put money on volatility and uncertainty lessening. Inditex Annual Report 2021 -1-Zara, Zara Commitments, Zara Environmental Policies, Zara Transport Policy, Animal Welfare Policy, Fibre2fashion . Zara has filed a copyright infringement lawsuit against Thilik and its owner Queenie Williams, seeking injun Evrnu and Zara Capsule Collection is made with recycled waste material, NuCycl Lyocell. The leading site for news and procurement in the retail industry, Convenience Stores and Traditional Grocers, Clothing, Footwear and Accessories Specialists, The UK governments food price cap is based on hallucinations of greedflation, The meal deal market continues to grow during the cost-of-living crisis, Amazon settles $25m lawsuit over Alexa's privacy breach, Woolworths pledges to switch to a 100% electric delivery fleet, Sainsburys unveils new Neighbourhood Hub store in West Sussex, UK, IKEA owner Ingka buys software solution provider Made4net, Frasers Group partners with SADA for new data platform, Co-op and Starship launch robot deliveries in Wakefield, UK, Nordstrom net sales declined 11.6% in Q1 FY23, WHSmiths revenue grew 23% in 13 weeks to 27 May 2023, Whos hiring who? Revenue per year. Thats great news for consumers and for companies that can make sustainability real. Economically, we see a number of trends that will shape the industry, including fashions response to intensifying volatility, continued challenges in China, and the rise of urban centers. For the full year, Inditex expects a +0.5% currency impact on sales and its online sales to exceed 30% of its total sales by 2024. Shortening lead times requires major changes to the traditional business model and supply chain, and a shift in focus to a customer-centric model. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. In luxury, Kering made an impressive rise through the ranks, driven by Guccis double-digit sales growth and strong performance in AsiaPacific markets such as Japan. In comparison, the. This is consistent with its 10 percent CAGR of the past decade, driven by consumers more active lifestyles, the rise of athleisure, emerging brands in the high-end segments, and product innovations. In fact, not only does it touch everyone, but it would be the worlds seventh-largest economy if ranked alongside individual countries GDP. Or perhaps you need help to leverage your brands power to deliver real business impact? It is converted into ethanol through a fermentation process, which is a critical step in the production of materials like PET used in polyester thread. Based in Arteixo, Inditex operates 7,200 stores in 93 markets worldwide, with Zara being one of its portfolio brands. How will changes to the global economy and consumers behavior affect fashion in the postcoronavirus world? This measure enables us to reduce emission of CO2 into the atmosphere by more than 500 tones, All the animal products, including fur and leather sold at Zara come exclusively from animal reared in livestock form and never from animal sacrificed for skin sale/td>. The company also posted a net income growth of 41% to 1.8bn in H1 2022. Company building inventory amid supply chain strains. Nov 1, 2021. With information and the ease of comparison at their fingertips, consumers are becoming less brand loyalamong millennials, two-thirds say they are willing to switch brands for a discount of 30 percent or more. Recently, Zara made a list of its environmental commitments public. Despite a dip in margins, discount and luxury outperformed the wider market in 2020, while the midmarket continued to be squeezed. Excluding a 216 million euro charge related to store closures in Russia booked during the quarter, Inditex reported a profit of 940 million euros. This caution is one of our ten trends to watch in 2019. The Super Winners include three new entrantsAnta Sports, Heilan Home (HLA Corporation), and Lululemonreflecting the strength of sportswear and the growing influence of Chinese players. For fashion players, 2019 will be a year of awakening. Zara is one of the largest international fashion companies. It belongs to Inditex, one of the world's largest distribution groups. This is in stark contrast to the fashion industrys performance over the previous decade, which saw the industry expand at 5.5 percent annually. Asia in particular is emerging as a fertile ground for small and midsize enterprises that leverage e-commerce to reach out from the factory floor. Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. As fashion brands invest in new digital applications, they must work harder than ever to protect their systems, partners, and customers. The interconnectedness of the industry is making it harder for businesses to plan ahead. Im 63 and desperately hate my work: Should I pay off my mortgage, claim Social Security and quit my job? Clothes made from carbon emissions: Why Zaras new line is just more greenwashing | Euronews, Gained the best score for the Human Rights Campaign Foundations Corporate Equality Index 2022, Zara does not have its own sustainability report, The Zara Tribute project represents a social initiative aligned with our commercial activity, based on the launch of limited edition collections linked to social causes. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent of global fashion companies were not earning their cost of capital in 2018, we expect a large number of global fashion companies to go bankrupt in the next 12 to 18 months. Inditex is committed to the environment and is taking wide-ranging measures to protect biodiversity, reduce consumption of water, energy and other resources, avoid waste, and combat climate change. Indeed, recent data show that we have vaulted five years forward in consumer and business adoption of digital in a matter of months. Just as China inched through recovery, outbreaks worsened in Europe and the United States. Impakter is a publication that is identified by the following This need for speed is driven partly by social media accelerating the movement of fashion trends to the masses, and by industry leaders using analytics and customer insights to meet customer needs better and increase responsiveness. Through the design and roll-out of a Goods to Person (GTP) solution based on AMR technology, 500 autonomous robots support the operators in tasks linked to the receipt, storage, picking and auditing of the centres stock, INCLUYE Project is an initiative aimed at the socio-occupational integration of people with disabilities. Zara's Center | PG Family Foundation. In response, wise companies are self-disrupting before upstarts do it for them, engaging in a digital landgrab to diversify their ecosystem, and using automation and data analyticsto produce on demand to reduce waste and react rapidly to trends. Mutual Funds & ETFs: All of the mutual fund and ETF information contained in this display, with the exception of the current price and price history, was supplied by Lipper, A Refinitiv Company, subject to the following: Copyright Refinitiv. Sign-in Subscribe Home. The outlook for the fashion industry varies across different value segments, too. When it comes to sustainability, the industrys track record remains a source of concern. Renewed optimism for the fashion industry, Sporting goods 2021: The next normal for an industry in flux, Revamping fashion sourcing: Speed and flexibility to the fore, Oliver Guyot, Caught between inflation and rising costs, fashion seeks to strike new balance,, State of Fashion 2022: An uneven recovery and new frontiers, The State of Fashion 2021: In search of promise in perilous times, Its time to rewire the fashion system: State of Fashion coronavirus update, The State of Fashion 2020: Navigating uncertainty, The State of Fashion 2019: A year of awakening, The State of Fashion 2018: Renewed optimism for the fashion industry. The coming year will be tough, as the digital shakeout gathers pace, customers demand more on sustainability, and slower growth puts pressure on margins. Meanwhile, some of the shifts we will witness in the fashion system, such as the digital step change, in-season retail, seasonless design, and the decline of wholesale, are mostly an acceleration of the inevitablethings that would have happened further down the road if the pandemic had not helped them gain speed and urgency now. However, there may also be new opportunities from growing southsouth trade and the renegotiation of trade agreements. Progress made toward SDG targets As reported by Inditex. for your eco products needs. Fashion companies that can adapt to the increasing complexity by updating their operating models and adjusting their strategies for supply chain, sales channels, and digital marketing will be best placed to weather the upcoming storm. With companies in China leading the way, brands will engage even more closely with social media to offer shoppers exclusive content and personalized experiences. While direct-to-consumer, digital channels remain a top priority, fashion industry leaders will need to diversify their sales channels to maintain efficiency and market relevance. Intraday data delayed at least 15 minutes or per exchange requirements. Strikingly, only 9 percent of respondents think conditions will improve next year, compared with 49 percent who said the same last year. By causing blow after blow to both supply and demand, the pandemic has brewed a perfect storm for the industry: a highly integrated global supply chainmeans that companies have been under immense strain as they have tried to manage crises on multiple fronts as lockdowns were imposed in rapid succession, halting manufacturing in China first, then Italy, followed by countries elsewhere around the world. So what will change in 2017? That translates into a significant increase in the number of companies that are value destroyers, which we expect will rise to 73 percent of those in the index in 2020, compared with 60 percent in 2019. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. The company saw its gross profit for H1 increase by 24.5% to 8.6bn and its gross margin reach 57.9%, which is its highest level in seven years. These are just some of the findings from The State of Fashion 2023, a joint report from the Business of Fashion and McKinsey. As athletic wear continues to grow, it will become a category with the ability to compete on equal terms with clothing and footwear, particularly in the midmarket and premium segments. To access the data you must have a paid plan. But we are now detecting glimmers of hope: executives report optimism (even amid uncertainty), and the McKinsey Global Fashion Index forecasts industry sales growth to nearly triple between 2016 and 2018, from 1.5 percent to between 3.5 and 4.5 percent. As sustainability becomes a more urgent concern, brands need to ramp up their efforts to reflect customer values in their assortments, supply chains, and ways of working. Change value during the period between open outcry settle and the commencement of the next day's trading is calculated as the difference between the last trade and the prior day's settle. From a geographic perspective, China was the standout performer over 2021, as its economy recovered much faster than those of other countries. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Are they prepared? Cookie Notice (). This is consistent with their compound annual growth rate (CAGR) over the past three years, which has been 9 percent for affordable luxury and 6 percent for value, the highest of any segment since 2013. Hyper-interactive digital environments and investment in e-commerce are increasingly the leitmotifs of brands that are pushing on fashion frontiers. Based on our executive survey, the words on everyones lips are sustainability, digitization, and innovation (Exhibit 4).18Earnings before interest, taxes, and amortization. Flagship stores will be branded as discovery zones and tasked with creating emotional connections with customers. Decision makers have their work cut out to manage the demands of digital, sustainability, and the supply chain. Our third trend is Trade 2.0: a warning that companies should make contingency plans for a potential shake-up of global value chains. We see brands rethinking store formats and leveraging data and analytics to predict footfall, manage assortments, and built personalized offerings. Reflecting our conversations with industry leaders over recent months, it examines the ten key trends likely to shape the business over the coming year. She was the wealthiest self-made woman in the world with a fortune estimated at $6.1 billion at the time of her death. In other words, even though it appears that they are moving in the right direction towards sustainability, they lack sufficient transparency and are large enough to have their own sustainability management team and reporting. Sources: FactSet, Dow Jones, Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. Nonetheless, our report finds that fashion companies are hopeful they can improve their performance through a combination of organic growth and leveraging new technologies. Should she have paid for food and utilities? MADRID, June 8 (Reuters) - Fashion giant Zara's owner Inditex (ITX.MC) reported an 80% jump in first-quarter profit on the back of soaring sales as consumers refreshed their wardrobes after months spent stuck at home during the pandemic lockdowns. Consumers want to know where materials come from, how products are made, and whether the people involved are treated fairly. The clothing retailer has more nearly 3,000 stores, including its kids and home stores. A 10/33 was given to Zara for maker wellbeing. Zara has also listed its goals for 2023, which include using 100% more sustainable cellulose fibres in their bag packaging in stores, banning all single-use plastics from customers, and achieving 100% zero waste production by that year. For an exclusive group of Super Winners, the sun is shining (Exhibit 3);17To view exhibit, refer to The State of Fashion 2020. by economic profit, these 20 companies added more to the industry bottom line in 2018 than all others combined. This year's Fashion Transparency Index reveals a lack of transparency in several crucial areas. In 2022, the Zara brand was valued at approximately 13 billion U.S. dollars. Fundamental company data and analyst estimates provided by FactSet. Between 2016 and 2022, Zara's global brand value increased from about 10 billion U.S. dollars to 13 billion U.S. dollars, although it peaked in 2019 at 18.4 billion dollars. ADVB Strategic Minds srl - All rights reserved. The brands profits are soaring as Inditex FY21 revenues increased 36% to 27.7 billion in March 2022. The main sources of growth are emerging-market countries across AsiaPacific, Latin America, and other regions; they are forecasted to grow at rates ranging between 5 and 7.5 percent in 2018 (exhibit).21To view exhibit, refer to The State of Fashion 2018. Many consumers today expect perfect functionality and immediate support at all times, coupled with rapid delivery times as players constantly compete to expedite products. Older/Archived Annual Reports 2021 Annual Report View Annual Report Download 2020 Annual Report View Annual Report Download 2019 Annual Report View Annual Report Download Show 20 older reports These are some of the findings from The State of Fashion 2022, written in partnership with the Business of Fashion (BoF). Companies that have performed the best over recent months tended to share at least one of two key characteristics (Exhibit 2). Zara said that it plans to cut 1,200 stores over two years and invest 2.7 billion in store-based digital.6Zara Owner to Invest $3 billion to Expand Amid Covid-19 Crisis, Bloomberg, June 10, 2020, https://www.bloomberg.com/news/articles/2020-06-10/inditex-has-first-quarterly-loss-since-zara-owner-went-public Still, we do not believe the curtain is falling on physical channels. Basic earnings per share from continuing operations was JOD 0.001 compared to basic loss per share from continuing operations of JOD 0.017 a year ago. Unlock it. According to our estimates, each racked up more than $2 billion in economic profit in 2017. Based on McKinseys analysis of fashion forecasts, the luxury sector is expected to grow between 5 and 10 percent in 2023, driven by strong momentum in China (projected to grow between 9 and 14 percent) and in the United States (projected to grow between 5 and 10 percent). Additionally, they will need to think critically about where they operate, looking beyond top-line growth potential when evaluating new and existing foreign markets. Customers attention is also tuned to new channels. Finally, amid rising competition for talentparticularly tech talentbrands need to find new ways to attract the best and brightest, with cybersecurity likely to be near the top of the agenda (Exhibit 2). Inditex CEO Oscar Garca Maceiras said: The results are explained by four factors, key to our performance. Download The State of Fashion 2022, the full report on which this article is based (PDF-14MB). Even after witnessing waves of insolvencies, industry leaders will need to get comfortable with uncertainty and ramp up future-proofing efforts as the potential for further outbreaks and lockdowns loom. Sales rose 36% to 6.7 billion euros, surpassing pre-pandemic levels, while its gross margin hit a 10-year high. Among product categories, it was a breakout year for sportswear, with 42 percent of positive economic profit in the MGFI index coming from sportswear companies, amid strong growth for Chinese players. By 2022, all of the energy used in the companys headquarters, logistical hubs, and retail locations will be generated by renewable resources. Companies are adapting to new consumer priorities, and digital is providing a nexus for growth. As part of those efforts, some are leveraging digital product passports. The bottom line is that amid this uncertainty and change, our analysis suggests cautious optimism is warranted. Sales growth seems set to slow to a mere 2 or, at most, 3 percent by the close of 2016, with stagnating profit margins. In response, leading fashion players are offering innovative business models, using granular customer insights as a source of differentiation, and pushing the limits of go-to-market times. In the light of all this change, the performance gap between frontrunners and laggards continues to widen: from 2005 to 2015, the top 20 percent of fashion companies contributed 100 percent of the industrys entire economic profit; in 2016, the top 20 percents contribution had increased to 144 percent. The authors wish to thank McKinseys Tiffany Wendler, as well as the Business of Fashions Robb Young, for their contributions to this article. These developments take place at the same time as the fashion industry goes through other transformative shifts. Indeed, recovery is at the top of executives minds for the coming year, with 75 percent of luxury-segment executives, 61 percent of midmarket executives, and 50 percent of value executives expecting better trading conditions. Supply chains remain disrupted from the COVID-19 pandemic, elevating the need to invest in faster and geographically closer manufacturing systems. A unique model Sustainability, the basis for transformation Sustainability, the basis for transformation Advancing on our positive impact roadmap. In 2020, Nike announced the acceleration of its digital strategy and investment in its highest potential areas, which it said would lead to job cuts in stores.5NIKE, Inc. reports fiscal 2020 fourth quarter and full year results, Nike, June 25, 2020, news.nike.com. read more. Go down Sound 2021 in review A key year for driving our sector's sustainability transformation. Another is that Indiais on the riseits growing middle class, powerful manufacturing sector, and increasingly savvy tech have made it an essential destination for fashion companies. "We continue to expect pricing to contribute to 2022 Spring/ Summer sales in a mid-single digit with no impact on volume," he said. Brands, suppliers, contractors, and property owners should also find ways to share the burden. Authenticity and employee well-being will be more important than ever. Download The State of Fashion 2020, the full report on which this article is based (PDF7MB). Clothes made from carbon emissions: Why Zaras new line is just more greenwashing | Euronews. This launch includes a product line, ethical objectives, and sustainability commitments. The industry as a whole is embracing new opportunitieseven as dangers lurk. International stock quotes are delayed as per exchange requirements. By segment, the most positive are executives from luxury brands, reflecting their strong growth trajectory in 2018. MOST RECENT 2022 Annual Report Report Locked. Twelve of the top 20 have been a member of the group for the last decade. Trump-appointed federal judge rejects Tennessees anti-drag law as too broad and unconstitutional, Former YouTube CEO joins Giving Pledge, promises to give away most of her $780 million fortune. Strategically, there will be an imperative in 2021 to manage commercial opportunities actively and to be acute in picking winning segments, markets, and channel combinations. The sober mood among fashion executives surveyed in last years report has evolved over recent months into a strong determination to manage the industry through the COVID-19 pandemic. Some brands over the past year expanded into the digital metaverse, rolling out virtual stores, gaming, and digital events. It has stores in 96 countries and is the flagship brand of the Inditex Group. CEO's statement Meanwhile, the economic outlook in the mature part of Europe is stable, and fashion-industry sales growth is likewise expected to remain at a modest but steady 2 to 3 percent. And woke consumers are also pushing for greater transparency into supply chainsand rewarding their favorite brands for taking controversial political stands. Sustainability, which breaks into our respondents list of the most important challenges for the first time, is evolving from a tick-box exercise into a transformational feature. The U.S. labor market is strong. Some are household names, while others are less visible but still pack a punch. But regardless of touchpoint, consumers expect a consistent brand experienceacross channels. After a year in which the fashion industry posted record-low economic profits, business leaders are on the front foot, seeking to innovate while continuing to engage their core constituencies. While the crisis has visited a devastating impacton businesses and jobs, it may also have accelerated responses that can lead to positive outcomes. Download The State of Fashion 2019, the full report on which this article is based (PDF3 MB). Meanwhile, extreme weather is negatively affecting supply chains and raw materials across Asia. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The industry is now on red alert. Data may be intentionally delayed pursuant to supplier requirements. That means focusing on an omnichannel perspective, of course, but also emphasizing the importance of sustainabilitythrough the value chain. Our first The State of Fashion report (PDF8MB) finds that its not only external shock waves that have roiled the industry. Against this background, fashion-industry fortunes are highly polarized. While the luxury and sportswear sectors have dominated the industrys list of super successes in recent years, macroeconomic context might change that in the upcoming year. They also need to invest in enhancing their productivity and resilience, as the outlook is uncertain. U.S. aviation regulators finished a review of Mexico's airspace safety but have not yet announced a final decision, Mexico's transportation ministry said on Friday, more than two years after the country was stripped of its top air rating. Supply chain, recent data show that we have vaulted five years in! From a geographic perspective, of course, but it would be the worlds economy! 2022, the full report on which this article is based ( PDF7MB ) to the traditional model. To sustainability, and built personalized offerings rewarding their favorite brands for taking controversial stands. This background, fashion-industry fortunes are highly polarized would be the worlds seventh-largest economy ranked. Advancing on our positive impact roadmap and customers less visible but still pack a punch and leveraging data analytics. And jobs, it may also have accelerated responses that can lead to positive.. 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