State of Fashion Technology – new report by McKinsey and The Business of Fashion

A new report ‘ State of Fashion Technology’ by McKinsey and The Business of Fashion outlines the areas in which the fashion industry has to act in order "maximize their technology resources." The metaverse, through NFTs and digital fashion, tops the list, but the analysis emphasizes an important point: "The marketing value of digital fashion and nonfungible tokens (NFTs) may now be clear, but fashion brands will need to separate the concrete opportunities from the hype to generate sustainable revenue streams."

Many brands are rushing into the new universes and there are daily launches of a seemingly endless stream of initiatives to win over young consumers, however, it appears from several surveys that this demographic has yet to be fully convinced.

The objective for brands will be to hone in on the initiatives that fit with their consumers and brings them something different, or something that makes their life easier or more fun.

Access the full report on The Business of Fashion