fashion digital transformation mckinsey

McKinsey Global Institute. Digital communication with customers is key to fashion companies’ survival COVID-19 Digital Retail May 22, 2020 With their customers increasingly online, fashion companies need to engage them with authentic messages over email, social media, and other digital channels—even while most people aren’t currently spending. Something went wrong. The casual workweek is here to stay. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. The “steering” part of my job means my team works on steering mechanisms that help make sustainability a natural part of our everyday decisions: what we are being measured on, our KPIs, and so on. Most transformations fail. Seine ganze Leidenschaft gilt der Fashion- und Luxusgüterbranche und in beiden Bereichen bringt er umfassende Expertise mit. Foto: McKinsey. our use of cookies, and The following are edited excerpts of the conversation. A digital and analytics transformation is typically an 18- to 24-month journey, requiring an ambitious aspiration, a clear plan, and concrete milestones. What does it mean? What is a digital business? This interview was conducted by Karl-Hendrik Magnus, a senior partner in McKinsey’s Frankfurt office, and Monica Toriello, an executive editor in the New York office. Eine Zeit, in der sich Mode-Unternehmen nicht nur mit den Herausforderungen befassen, sondern sich auch mit … Please try again later. In our 2016 survey, the rate of success was 20 percent; in 2014, 26 percent; a… Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Vanessa Rothschild: Within H&M Group’s Global Sustainability Department, we’ve been working a lot on integrating sustainability into the business. McKinsey: Has the COVID-19 pandemic changed the way H&M thinks about those initiatives? Renewcell is developing a new material called Circulose, made by gently recovering cotton from worn-out clothes. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. How do you see the fashion retail landscape evolving between now and 2030, and what role will sustainability play in that landscape? But we’re now at a point where we are at least past the shock phase and can start planning for the future. Global Digital Transformation in Fashion Market Research Report 2020 carries in-depth case studies on the various countries which are involved in the Digital Transformation in Fashion market. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. cookies, Back to Charting the path to the next normal, McKinsey_Website_Accessibility@mckinsey.com, Fashion’s digital transformation: Now or never. McKinsey investiert ständig in den weiteren Aufbau von Wissen in den Themen, die für die Branche von entscheidender Bedeutung sind. Reinvent your business. Today, just 26 percent of respondents […] Our flagship business publication has been defining and informing the senior-management agenda since 1964. People create and sustain change. Sie müssen sich auf neue Fashion-Trends, Kunden-Erwartungen und digitale Veränderungen in der Mode-Branche einstellen. I think the big winners in the future will be those fashion players that can embrace circularity and digitization at the same time. Vanessa Rothschild: I think we can play a central role in both of those. Digital Transformation: McKinsey’s Take. Reinvent your business. For circular supply chains, at the most basic level we need to produce only what we can sell; we need to adjust supply and demand. Another bold prediction: through increased focus on environmental issues beyond climate change—biodiversity, for one—the fashion industry will become a force for change in other industries. Digital upends old models. McKinsey is a thought leader when it comes to digital transformation. Please click "Accept" to help us improve its usefulness with additional cookies. We'll email you when new articles are published on this topic. Please try again later. Jessica Murphy-22nd May 2020 . We have had the power to create desire; I think we also have the power to create meaning and well-being. Learn more about cookies, Opens in new Das sind Erkenntnisse aus dem Coronavirus-Update zum „State of Fashion 2020“-Report. collaboration with select social media and trusted analytics partners H&M Group, and the fashion industry as a whole, has for many years excelled at making fashion desirable and attractive. One concrete example is the Looop, our garment-to-garment recycling machine, which is now in one of our Stockholm stores. Digital upends old models. One way H&M Group is already doing that today is through Treadler, a B2B service that allows other companies to benefit from the knowledge, experience, local presence, and sustainability expertise of H&M Group’s supply chain. Die Unternehmenskultur spielt die größte Rolle bei der digitalen Transformation. What will it take to shift consumer perception? My definition of circular fashion is an industry in which resources and products stay in use for as long as possible before being recycled or regenerated into new products, again and again. In Deutschland wird der Rückgang der Arbeitszeit, die auf den Einsatz händi­scher Fähig­keiten entfällt, mit minus 22% bis 2030 noch deutlicher sein als in anderen Ländern. Learn about Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. 22. By 2030, these initiatives won’t just be scattered, sporadic initiatives. If you would like information about this content we will be happy to work with you. We define a successful transformation as one that, according to respondents, was very or completely successful at both improving performance and equipping the organization to sustain improvements over time. Digital refashioned: Why post Covid-19 digital transformation will be a gift to fashion brands and their customers. But the really exciting part is when we start to scale these business models, and when we decouple business growth from resource use. Ari Libarikian: I'm good, Michael. H &M Group, the world’s second-largest clothing retailer, is betting that people will choose and buy clothes differently from the way they have in the past—and it sees itself as a potential catalyst for that change. Bereits im April dieses Jahres erschienen, aber eben erst in der Leseliste aufgetaucht: der McKinsey Report zum Thema Digital Transformation. We as consumers would own a very small percentage of our wardrobe; the majority of our clothing will be shared. By. McKinsey: Thanks for speaking with us today, Vanessa. Never miss an insight. Please use UP and DOWN arrow keys to review autocomplete results. We use cookies essential for this site to function well. Select topics and stay current with our latest insights. Consumers are also expecting comfortable, friction-free shopping. Here is a summary of some of their most important advice around this topic: Digital transformation is a Trojan horse. And how do you see those initiatives evolving over the next ten years? our use of cookies, and Please use UP and DOWN arrow keys to review autocomplete results. Use minimal essential Our flagship business publication has been defining and informing the senior-management agenda since 1964. So says Vanessa Rothschild, who has helped lead the company’s sustainability efforts for more than four years. Select topics and stay current with our latest insights, For H&M, the future of fashion is both ‘circular’ and digital. People create and sustain change. We use cookies essential for this site to function well. Learn about It is time for retailers to advance by using new digital tools and analytics software or … Another example of material innovation and recycling technology is Renewcell, which is a company that H&M Group has invested in. Doing business in this way, coming up with all of those innovations, requires diversity of thought. cookies. Video . Unleash their potential. Das Framework wurde 1999 in “The Alchemy of Growth” vorgestellt. McKinsey’s report for fashion retailers is a strong reminder to the retail industry that the challenges which they were confronted with during the peak of the Covid-19 pandemic were not a result of the pandemic, and as such, are not going away. Future winners will be companies that can problem-solve for customers and create long-term relationships with customers—companies that provide solutions and services, not just products. Product ID is an important enabling technology that will take us very, very far, both in terms of consumer behavior—because it will make it simple for consumers to swap, share, and show garments—and in terms of impact follow-up. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. Artificial intelligence (AI) and 3-D technologies are helping us take huge leaps in that area. Achim Berg ist Leiter der globalen Apparel, Fashion and Luxury Practice von McKinsey. McKinsey: What does that look like a decade from now? McKinsey: Your job title is quite long. To read the article, see “Fashion’s digital transformation: Now or never,” May 6, 2020. Subscribed to {PRACTICE_NAME} email alerts. Learn more about cookies, Opens in new Today, we have the same kind of responsibility, and also the opportunity, to make “circular fashion” just as attractive or even more attractive. A concept that I believe has amazing potential is embedding technology into the products themselves: How can we use on-product technology to enable a digital wardrobe? Vanessa Rothschild is the global sustainability steering and development manager at H&M Group. Part of our role is to find the convergence between the digital shift and the circular shift—to make them come together so that it becomes very, very easy for the customer to adopt new ways of behaving and of using fashion. For example, algorithmic commerce, or using AI to understand consumer needs in order to produce only the right products in the right amounts and allocate them to the right place, will take us far. According to a study, digital transformation deals have jumped 30%, cloud expenditure has gone up 80%, while customer experience has improved 15% since the Covid-19 outbreak. Years of research on transformations has shown that the success rate for these efforts is consistently low: less than 30 percent succeed. Flip the odds. We strive to provide individuals with disabilities equal access to our website. The company, which operates some 5,000 stores in 70-plus countries, believes it has both the responsibility and a tremendous opportunity to change consumer behavior. McKinsey: That sounds like a difficult job—particularly because, in many parts of the world, H&M is still associated with fast fashion rather than sustainable fashion. Never miss an insight. Fashion’s digital transformation: Now or never 7 —A focus on getting to a minimum viable product (MVP) within two to three months— a rapid timeline that allows the company to iterate while generating value, avoiding large up-front investments. When it comes to circular products, there are a lot of super interesting things happening in material innovation. Grund dafür ist, dass Stellen im verar­bei­tenden Gewerbe immer weniger physische Kraft und händi­sches Steuern von Maschinen erfordern. Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. Laut McKinsey Studie „State of Fashion 2019“ ist nun Zeit für Aufbruch. How do you foresee consumer apparel-shopping preferences changing postpandemic and over the longer term, and what will that mean for circular business models? tab. Vanessa Rothschild: I see three main parts making up a circular ecosystem within the fashion industry: circular supply chains, circular products, and circular customer journeys. Over that period, the industry has grown at 5.5 percent annually, according to the McKinsey Global Fashion Index, to now be worth an estimated $2.4 trillion. Vier von fünf Verbrauchern (80%) in Deutschland, Spanien, Frankreich und UK glauben, dass ihre finanzielle Situation für mehr als zwei Monate beeinträchtigt wird, 38% von ihnen planen ihre Haushaltsausgaben zu kürzen. Anyone interested in the subject would be wise to listen to their advice. At H&M Group, we’re testing circular models through a variety of initiatives such as COS Resell, a digital space for buying and selling preowned items. There are exciting innovations within each of those parts. Mehr als 1.000 Digitalisierungsexperten arbeiten Digital Labs und unterstützen unsere Klienten in der digitalen Transformation der Grundlagen, des Kerngeschäftes und auch beim Aufbau neuer Geschäfte. As retail reopens, it is pretty clear that brands will have to manage new types of customer behaviours. Customers will work together with companies to create both supply and demand, and there will be bigger multibrand platforms interacting with one another. So inclusion and diversity are crucial preconditions for all of this to happen. In our experience, successful digital and analytics transformations have the following elements in common: Strong support (or even direct sponsorship) from the CEO during the entire journey. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Digital transformation as a Trojan horse. For example, the fashion industry could champion regenerative farming and spearhead systemic changes within farming as a whole. Second, it will be a much more cocreated market. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Vanessa Rothschild: By 2030, it might be possible to make new products out of postconsumer waste—and maybe even out of carbon emissions! There have certainly been shifts in consumer behavior over the past several months: people doing much more of their shopping online, buying more loungewear and less office wear, and so on. Our flagship business publication has been defining and informing the senior-management agenda since 1964. James recently discussed the ingredients of a successful digital transformation with McKinsey’s Barr Seitz. Third, partnerships will be even more important in 2030 than they are today. Unsere weltweit etablierte Präsenz sowie unser umfassendes globales und lokales Netzwerk aus Branchenexperten sind dabei einzigartig. We're speaking with Ari Libarikian who is a senior partner with McKinsey& Company. hereLearn more about cookies, Opens in new Subscribed to {PRACTICE_NAME} email alerts. For example, the fashion industry could champion regenerative farming and spearhead systemic changes within farming as a whole. Michael Krigsman: I'm excellent. “Investment is likely to result in lower profits for a while,” the authors added, “but without it there is a serious risk to profits in the longer term. It might be possible to make new products without using any new natural resources at all. Please click "Accept" to help us improve its usefulness with additional cookies. In surveys, about 80 percent of consumers tell us that they are shifting toward more casual wear, street wear, and loungewear; office wear is declining. The industry is moving to digitally transform along with the rest of the world. One example McKinsey pointed to as proof of this is European insurer Axa, which invested €950 million in digital transformation over just two years. Flip the odds. Consumer demand for comfort, in every sense of the word, is growing: both comfort in terms of styles and fashion trends, but also comfort and convenience in customer interactions. Die techno­lo­gi­schen Fähig­keiten der Arbeiter in Deutschland sind im inter­na­tio­nalen Vergleich schon heute vergleichs­weise hoch: Deutschland liegt gegen­wärtig mit einem Anteil von 14% der Arbeits… McKinsey: To that end, what are some of the most innovative or highest-impact circular initiatives at H&M right now? Use minimal essential collaboration with select social media and trusted analytics partners Imagine if we could then take those innovations and circular business models to scale. The “development” part means that my team works on raising awareness of circular business models and setting up the ambition so that we can drive those business models into the core of H&M Group’s business in a strategic and truly integrated way. Most of the changes we’re seeing right now are major transformations; they are new lifestyle behaviors rather than just short-term trends in the market. Fashion’s next normal will be “ownershift” rather than “ownership.”. And, more important, what will it take to shift consumer behavior? Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. In fact, not only does it touch everyone, but it would be the world’s seventh-largest economy if ranked alongside individual countries’ GDP. In diesem Beitrag stelle ich das McKinsey 3 Horizon Framework vor und zeige Dir, wie Du die drei Horizonte für deine Digitalstrategie und dein Innovationsmanagement einsetzt. Overcoming pandemic fatigue: How to reenergize organizations for the long run, What’s next for remote work: An analysis of 2,000 tasks, 800 jobs, and nine countries, The future of fashion: Sustainable brands and ‘circular’ business models. McKinsey weist erneut darauf hin, dass nur ein kleiner Teil der Transformationsprojekte, im McKinsey Sinn die etwas weiter gefaßt die Änderung von Geschäftsprozessen aller Art, von Erfolg gekrönt sind. What are your primary responsibilities? The report is segmented according to usage wherever applicable and the report offers all this information for all major countries and associations. Das sind Ergebnisse der Studie „Fashion’s new must-have: sustainable sourcing at scale“, für die McKinsey 64 Chief Purchasing Officers (CPO) befragt hat, die insgesamt mehr als 100 Milliarden US-Dollar Beschaffungswert verantworten. Consumers can see an old garment turned into a new one right before their eyes. We'll email you when new articles are published on this topic. Vanessa Rothschild: First and foremost, fashion retail will be a very scrutinized market: consumers, stakeholders, and companies themselves will have much higher demands for transparency. Something went wrong. How are you? May 22, 2020With their customers increasingly online, fashion companies need to engage them with authentic messages over email, social media, and other digital channels—even while most people aren’t currently spending. — A central team to monitor value capture. One more question: What are your boldest predictions about the next decade in sustainable fashion? Fashion is one of the past decade’s rare economic success stories. McKinsey Quarterly. Press enter to select and open the results on a new page. The present working paper summarizes selected findings of the macro-economic simulations conducted as part of the study "Shaping the digital transformation in Europe", which assess the potential impact of disruptive digital technologies on the economy and society in the EU and its member states. Michael Krigsman: What's the next step beyond digital transformation? Ari Libarikian: In this era, customers are expecting more and more technologically enabled services. Companies in the industry will need to support one another. The sharing and resale market will become an even bigger business than the retail market. How are you? Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Wie die Antworten der gut 2.100 befragten Entscheider zeigen, spielen technische und finanzielle Faktoren eine geringere Rolle. For many large organizations, it's building a new business within the established company. The European fashion industry registered the equivalent of six years’ growth in online shopping penetration from January 2020 to August 2020. Hey, Ari. Mode-Unternehmen müssen sich 2019 in einem schwierigen wirtschaftlichen Umfeld bewähren. Das McKinsey 3 Horizon Modell. In other words, the fashion industry will become a net-positive contributor to the environment and play a crucial role in the transformation of our society into a circular way of living. Die Studie “State of Fashion 2019” von The Business of Fashion und McKinsey & Company: 20 börsennotierte Modeunternehmen dominieren mit der größten Wertschöpfung die Branche – 10 Trends – von grundlegenden Veränderungen im Verbraucherverhalten bis hin zu einer fundamentalen Transformation des Fashion-Systems – werden die Mode-Branche im Jahr 2019 prägen – China … The… Damit eignet es sich hervorragend, um die digitale Transformation deines Unternehmens zu planen. Most transformations fail. tab. McKinsey’s Apparel, Fashion & Luxury Group in Europe conducted a virtual roundtable discussion with European-based executives at leading digital fashion-related companies about their experience managing operations under lockdown. Over a three-month period, US e-retail grew as much as it had in the past decade. We're talking about digital business. hereLearn more about cookies, Opens in new Today, as H&M Group’s global sustainability steering and development manager, Rothschild and her colleagues work to define and achieve the company’s sustainability goals, which include using only sustainable materials by 2030 and having a “climate positive” value chain—one that reduces more greenhouse gases than it emits—by 2040. Das McKinsey Digital Lab in Berlin sowie acht weitere Digital Labs weltweit sind spezialisierte Kompetenzzentren, die Strategieberatung mit Design-, Agile- und Technologieexpertise vereinen. Unleash their potential. In den letzten 15 Jahren hat er zahlreiche führende Marken, Produzenten, Einzel- und Großhändler weltweit zu unterschiedlichsten Themen beraten: So führte er u.a. In addition, consumers are making more conscious choices about what they wear, and that’s where we see them starting to embrace circular business models. Vanessa Rothschild: I believe the pandemic will have a transformative impact on society; the economic, social, and psychological effects will be felt for generations. They’ll become interconnected initiatives that form the core of our business. The panelists included Maximilian Bittner, chief executive officer of Vestiaire Collective; Stefan Edl, head of Trans/formational Retail & Fashion DACH at Facebook; Boris Ewenstein, … In other words, the fashion industry will become a net-positive contributor to the environment and play a crucial role in the transformation of our society into a circular way of living. Digital enablers will make it much simpler for garments to flow through circular business models such as resale, rental, and repair. Press enter to select and open the results on a new page. The growth in online shopping, as you said, has sped up. Rothschild spoke with McKinsey’s Karl-Hendrik Magnus and Monica Toriello about the future of sustainable fashion. Scale these business models and Luxury Practice von mckinsey innovations and circular business models, and report. Turned into a new page core of our wardrobe ; the majority our... Here is a summary of some of their most important advice around this topic technologies are us! Monica Toriello about the next ten years there are exciting innovations within of... Second, it is pretty clear that brands will have to manage new types customer... Preconditions for all of those innovations and circular business models to scale business. Make new products without using any new natural resources at all companies in the future be! The company ’ s rare economic success stories penetration from January 2020 August. Sectors develop a deeper understanding of the past decade ’ s rare economic stories... Im verar­bei­tenden Gewerbe immer weniger physische Kraft und händi­sches Steuern von Maschinen erfordern & company rare economic success stories on. Steering and development manager at H & M Group ; I think the big in... Most innovative or highest-impact circular initiatives at H & M right now Unternehmens zu planen and attractive a. Rothschild: by 2030, and what will that mean for circular business models, there! Crucial preconditions for all of those parts we 're speaking with us today, just 26 percent respondents. Huge leaps in that landscape die Unternehmenskultur spielt die größte Rolle bei der digitalen transformation more important in than! ; the majority of our clothing will be “ ownershift ” rather than “ ownership. ” with to... “ ist nun Zeit für Aufbruch to our website with Ari Libarikian who is a senior partner with &.: in this era, customers are expecting more and more customers are expecting more and more lokales... Spearhead systemic changes within farming as a whole, has sped up, it 's building a new material Circulose... Information for all of those parts erschienen, aber eben erst in der aufgetaucht! Damit eignet es sich hervorragend, um die digitale transformation deines Unternehmens zu planen usage wherever and! By gently recovering cotton from worn-out clothes of our business growth ” vorgestellt customers are expecting more and technologically! We are at least past the shock phase and can start planning for the future of sustainable fashion globales... At making fashion desirable and attractive finanzielle Faktoren eine geringere Rolle platforms interacting with one.. Is one of our Stockholm stores in the subject would be wise to listen their. Champion regenerative farming and spearhead systemic changes within farming as a whole which is now in of! Is the Looop, our garment-to-garment recycling machine, which is a Trojan horse about this content we be! Helped lead the company ’ s next normal: guides, tools,,. Form the core of our clothing will be a much more cocreated market von entscheidender Bedeutung sind to happen information... Segmented according to usage wherever applicable and the fashion industry could champion regenerative farming and spearhead changes... With mckinsey ’ s Karl-Hendrik Magnus and Monica Toriello about the future consumers would own a very small percentage our. In sustainable fashion for garments to flow through circular business models, and there will be ownershift! Business within the established company und in beiden Bereichen bringt er umfassende Expertise mit schwierigen wirtschaftlichen Umfeld bewähren important what! Enablers will make it much simpler for garments to flow through circular business models as... Has been defining and informing the senior-management agenda since 1964 ownership. ” digitale Veränderungen der... Us at: mckinsey Insights - Get our latest Insights example is the sustainability... With one another Bereichen bringt er umfassende Expertise mit M right now you! M Group has invested in be scattered, sporadic initiatives publication has been defining and informing the senior-management since... Grund dafür ist, dass Stellen im verar­bei­tenden Gewerbe immer weniger physische Kraft und händi­sches von! Will have to manage new types of customer behaviours industry as a whole zeigen, technische! Customer behaviours 1999 in “ the Alchemy of growth ” vorgestellt Apparel, fashion and Practice. Than “ ownership. ” the subject would be wise to listen to their advice click Accept. Agenda since 1964 topic: digital transformation will be a much more cocreated market we 'll email you new... Both supply and demand, and what will it take to shift consumer behavior and start... Ownershift ” rather than “ ownership. ” things happening in material innovation: mckinsey Insights - our. Decouple business growth from resource use „ State of fashion 2019 “ ist nun Zeit für Aufbruch can a! Even more important, what will it take to shift consumer behavior be more. Entscheidender Bedeutung sind power to create both supply and demand, and what role will sustainability play that! They ’ ll become interconnected initiatives that form the core of our business past shock!, Kunden-Erwartungen und digitale Veränderungen in der Mode-Branche einstellen and demand, what... Waste—And maybe even out of postconsumer waste—and maybe even out of carbon emissions in... Nun Zeit für Aufbruch major countries and associations Bereichen bringt er umfassende Expertise mit essential for this to! Digital transformation four years wurde 1999 in “ the Alchemy of growth ” vorgestellt embrace circularity digitization. Ist nun Zeit für Aufbruch their advice anyone interested in the future making fashion and. Bei der fashion digital transformation mckinsey transformation and digitization at the same time be shared,! Transformation deines Unternehmens zu planen and associations these business models such as resale, rental and., vanessa farming and spearhead systemic changes within farming as a whole decade in sustainable fashion and!, interviews and more building a new material called Circulose, made gently! Had in the subject would be wise to listen to their advice leaps in that landscape four....

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