State of Fashion 2022: An uneven recovery and new frontiers

The fashion industry posted a 20 percent decline in revenues in 2019–20, as earnings before interest, taxes, and amortization (EBITA) margins declined by 3.4 percentage points to 6.8 percent. As the pandemic continued to run its course, the performance inequalities that have become a challenge over recent years were more in evidence than ever. A record 69 percent of companies were value destroyers in 2020, according to the latest reading of the McKinsey Global Fashion Index (MGFI), compared with 61 percent in 2019 and just 28 percent in 2011. About 7 percent of companies left the market entirely, either due to financial distress or because they were bought by rivals.

From a geographic perspective, China was the standout performer over 2021, as its economy recovered much faster than those of other countries. In 2022, the industry’s growth will likely be driven by both China and the United States, while Europe lags behind and will need the return of international tourism to recover fully (Exhibit 1). In the meantime, domestic markets are set to continue their recent strong performance.

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