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McKinsey & Company

McKinsey & Company is a global multinational strategy and management consultancy firm. McKinsey publishes The State of Fashion report annually in partnership with The Business of Fashion, among other special reports.

McKinsey & Company
Anita Balchandani
Anita Balchandani

Senior Partner, London, Leader of the Apparel, Fashion & Luxury group

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Partner content by McKinsey & Company

McKinsey & Company is the world's leading top management consultancy, currently with over 30,000 colleagues across the globe. Our clients include the majority of the 100 largest industrial corporations in the world. But we also work for fast-growing small and medium-sized enterprises (SMEs), many leading banks and insurance companies, government ministries, public authorities, and other public and private institutions.

Our more than 133 locations in 66 countries are linked by industry and functional practices that concentrate our knowledge and expertise on the topics of interest to our clients wherever they do business. The work we do reflects the wide variety of management problems facing these organizations. We concentrate on issues that affect the performance of the entire firm. Strategy and organization studies, as well as the expansion and creation of new businesses, account for nearly half of our work.

McKinsey also serves a broad spectrum of retailers and consumer-product manufacturers on strategic, organizational, and operational topics. McKinsey's Apparel, Fashion & Luxury Group works with clients in all geographies, sub-sectors, and functional areas. Having supported more than 1,460 projects with leading apparel, fashion and luxury companies since 2015, McKinsey is a global leader in this field.

Company Snapshot

TYPEPrivate
ESTABLISHED1926
HEADQUARTERSUnited Kingdom
EMPLOYEES> 10,000

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Highlights
The State of Fashion 2024: Riding Out the StormThe State of Fashion 2024: Riding Out the Storm
How to Decode Gen-Z’s Evolving Relationship With BeautyHow to Decode Gen-Z’s Evolving Relationship With Beauty
Latest News & Analysis
Beauty

Opinion: Luxury Brands Need to Find Their Wellness Niches

If health is the new wealth, conglomerates like LVMH and Kering need to command a share of this spending, writes Bloomberg's Andrea Felsted.

Beauty

Opinion: Luxury Brands Need to Find Their Wellness Niches

If health is the new wealth, conglomerates like LVMH and Kering need to command a share of this spending, writes Bloomberg's Andrea Felsted.


News & Analysis

The State of Fashion 2026: When the Rules Change

The 10th annual State of Fashion report by McKinsey & Company and BoF Insights, The Business of Fashion’s data and advisory team, reveals how changes in trade, technology and consumer behaviour will challenge businesses in 2026. Download the full report to understand the 10 themes that will shape the industry and opportunities for growth in the year ahead.

News & Analysis

The State of Fashion 2026: When the Rules Change

The 10th annual State of Fashion report by McKinsey & Company and BoF Insights, The Business of Fashion’s data and advisory team, reveals how changes in trade, technology and consumer behaviour will challenge businesses in 2026. Download the full report to understand the 10 themes that will shape the industry and opportunities for growth in the year ahead.


Beauty

The State of Fashion: Beauty Report — Solving the Growth Puzzle

Beauty’s era of effortless growth is giving way to a more complex landscape. Download the second volume of BoF and McKinsey & Company’s industry report to learn how to navigate evolving consumer expectations, market deceleration and regional volatility in the years ahead.

Beauty

The State of Fashion: Beauty Report — Solving the Growth Puzzle

Beauty’s era of effortless growth is giving way to a more complex landscape. Download the second volume of BoF and McKinsey & Company’s industry report to learn how to navigate evolving consumer expectations, market deceleration and regional volatility in the years ahead.


Partner Content

Consumer Trends and Cultural Opportunities in Dubai

The final section of the paper, Inside the Fashion Opportunity in Dubai, unpacks how fashion brands can optimise their product ranges for improved impact in Dubai — with unique insights collected by d3 and BoF Insights from a consumer survey of the city’s residents. This section also details the regional social calendar and social media landscape, and how global brands can effectively tap into this space.

Partner Content

Consumer Trends and Cultural Opportunities in Dubai

The final section of the paper, Inside the Fashion Opportunity in Dubai, unpacks how fashion brands can optimise their product ranges for improved impact in Dubai — with unique insights collected by d3 and BoF Insights from a consumer survey of the city’s residents. This section also details the regional social calendar and social media landscape, and how global brands can effectively tap into this space.


Partner Content

Dubai’s Evolving Infrastructure and Fashion Value Chain

The second section of the paper ‘Inside the Fashion Opportunity in Dubai’ examines the evolution of Dubai’s infrastructure, from its advancing manufacturing and prototyping facilities to its reputation as a regional talent and logistics hub.

Partner Content

Dubai’s Evolving Infrastructure and Fashion Value Chain

The second section of the paper ‘Inside the Fashion Opportunity in Dubai’ examines the evolution of Dubai’s infrastructure, from its advancing manufacturing and prototyping facilities to its reputation as a regional talent and logistics hub.


Partner Content

Inside the Fashion Opportunity in Dubai

Working with Dubai Design District and leveraging proprietary data from BoF’s data think tank, BoF Insights, this white paper explores the commercial and creative opportunities in the city of Dubai for fashion and luxury businesses looking to optimise and expand their presence, reach and operations in the region.

Partner Content

Inside the Fashion Opportunity in Dubai

Working with Dubai Design District and leveraging proprietary data from BoF’s data think tank, BoF Insights, this white paper explores the commercial and creative opportunities in the city of Dubai for fashion and luxury businesses looking to optimise and expand their presence, reach and operations in the region.


Partner Content

At BoF VOICES 2024, The Future of Commerce-Enabled Culture

To an audience of top business and creative leaders from across the fashion industry and the wider world, Ruth Diaz, Vice President of Amazon Fashion Europe, took to the stage at BoF VOICES 2024 to discuss the intersection of commerce, technology and culture — and how fashion stands to benefit.

Partner Content

At BoF VOICES 2024, The Future of Commerce-Enabled Culture

To an audience of top business and creative leaders from across the fashion industry and the wider world, Ruth Diaz, Vice President of Amazon Fashion Europe, took to the stage at BoF VOICES 2024 to discuss the intersection of commerce, technology and culture — and how fashion stands to benefit.


News & Analysis

The State of Fashion 2025: Challenges at Every Turn

The ninth annual State of Fashion report by McKinsey & Company and BoF Insights, The Business of Fashion’s data and advisory team, reveals that economic and geopolitical challenges, combined with shifts in customer values, will define a turbulent year ahead. Download the full report to understand the 10 themes that will shape the industry and the opportunities for growth in 2025.

News & Analysis

The State of Fashion 2025: Challenges at Every Turn

The ninth annual State of Fashion report by McKinsey & Company and BoF Insights, The Business of Fashion’s data and advisory team, reveals that economic and geopolitical challenges, combined with shifts in customer values, will define a turbulent year ahead. Download the full report to understand the 10 themes that will shape the industry and the opportunities for growth in 2025.


Workplace & Talent

White Paper | Incorporating Generative AI Into the Fashion Workplace

As artificial intelligence continues to shape the fashion industry and its output, BoF Careers explores what AI’s advanced capabilities mean for the fashion workplace — and how the workforce could adapt to gain competitive advantage.

Workplace & Talent

White Paper | Incorporating Generative AI Into the Fashion Workplace

As artificial intelligence continues to shape the fashion industry and its output, BoF Careers explores what AI’s advanced capabilities mean for the fashion workplace — and how the workforce could adapt to gain competitive advantage.


Luxury

The Year Ahead: How Fashion Is Responding to the Return of Global Travel

With travel expected to soon surpass pre-pandemic levels, The State of Fashion 2024 unpacks how brands and retailers are adapting to strategies to connect with vacation-focused consumers.

Luxury

The Year Ahead: How Fashion Is Responding to the Return of Global Travel

With travel expected to soon surpass pre-pandemic levels, The State of Fashion 2024 unpacks how brands and retailers are adapting to strategies to connect with vacation-focused consumers.