Use minimal essential McKinsey: Your job title is quite long. 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. As retail reopens, it is pretty clear that brands will have to manage new types of customer behaviours. our use of cookies, and collaboration with select social media and trusted analytics partners Digital transformation as a Trojan horse. McKinsey Global Institute. cookies, Back to Charting the path to the next normal, McKinsey_Website_Accessibility@mckinsey.com, Fashion’s digital transformation: Now or never. Laut McKinsey Studie „State of Fashion 2019“ ist nun Zeit für Aufbruch. Digital enablers will make it much simpler for garments to flow through circular business models such as resale, rental, and repair. 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. There are exciting innovations within each of those parts. Please use UP and DOWN arrow keys to review autocomplete results. A digital and analytics transformation is typically an 18- to 24-month journey, requiring an ambitious aspiration, a clear plan, and concrete milestones. Fashion is one of the past decade’s rare economic success stories. One example McKinsey pointed to as proof of this is European insurer Axa, which invested €950 million in digital transformation over just two years. 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. Flip the odds. So says Vanessa Rothschild, who has helped lead the company’s sustainability efforts for more than four years. How are you? 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. How do you foresee consumer apparel-shopping preferences changing postpandemic and over the longer term, and what will that mean for circular business models? 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. McKinsey: Has the COVID-19 pandemic changed the way H&M thinks about those initiatives? McKinsey: Thanks for speaking with us today, Vanessa. We use cookies essential for this site to function well. hereLearn more about cookies, Opens in new 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. Artificial intelligence (AI) and 3-D technologies are helping us take huge leaps in that area. It is time for retailers to advance by using new digital tools and analytics software or … Damit eignet es sich hervorragend, um die digitale Transformation deines Unternehmens zu planen. 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. Learn more about cookies, Opens in new We as consumers would own a very small percentage of our wardrobe; the majority of our clothing will be shared. What will it take to shift consumer perception? Michael Krigsman: What's the next step beyond digital transformation? Ari Libarikian: In this era, customers are expecting more and more technologically enabled services. What are your primary responsibilities? Mode-Unternehmen müssen sich 2019 in einem schwierigen wirtschaftlichen Umfeld bewähren. collaboration with select social media and trusted analytics partners cookies. Digital upends old models. Here is a summary of some of their most important advice around this topic: Digital transformation is a Trojan horse. 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. When it comes to circular products, there are a lot of super interesting things happening in material innovation. Learn more about cookies, Opens in new tab. — A central team to monitor value capture. By 2030, these initiatives won’t just be scattered, sporadic initiatives. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. Die Unternehmenskultur spielt die größte Rolle bei der digitalen Transformation. It might be possible to make new products without using any new natural resources at all. Digital Transformation: McKinsey’s Take. Flip the odds. Third, partnerships will be even more important in 2030 than they are today. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Reinvent your business. “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. 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. But the really exciting part is when we start to scale these business models, and when we decouple business growth from resource use. tab. 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. In our 2016 survey, the rate of success was 20 percent; in 2014, 26 percent; a… Subscribed to {PRACTICE_NAME} email alerts. How do you see the fashion retail landscape evolving between now and 2030, and what role will sustainability play in that landscape? Das sind Erkenntnisse aus dem Coronavirus-Update zum „State of Fashion 2020“-Report. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Today, we have the same kind of responsibility, and also the opportunity, to make “circular fashion” just as attractive or even more attractive. The panelists included Maximilian Bittner, chief executive officer of Vestiaire Collective; Stefan Edl, head of Trans/formational Retail & Fashion DACH at Facebook; Boris Ewenstein, … Ari Libarikian: I'm good, Michael. Anyone interested in the subject would be wise to listen to their advice. 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. Please try again later. 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. Never miss an insight. Consumers are also expecting comfortable, friction-free shopping. 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. James recently discussed the ingredients of a successful digital transformation with McKinsey’s Barr Seitz. 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. Please click "Accept" to help us improve its usefulness with additional cookies. 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… Our flagship business publication has been defining and informing the senior-management agenda since 1964. 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. Please try again later. Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. I think the big winners in the future will be those fashion players that can embrace circularity and digitization at the same time. Hey, Ari. Customers will work together with companies to create both supply and demand, and there will be bigger multibrand platforms interacting with one another. 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 … Second, it will be a much more cocreated market. 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. 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. H&M Group, and the fashion industry as a whole, has for many years excelled at making fashion desirable and attractive. 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. Vanessa Rothschild: By 2030, it might be possible to make new products out of postconsumer waste—and maybe even out of carbon emissions! We'll email you when new articles are published on this topic. 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. They’ll become interconnected initiatives that form the core of our business. Consumers can see an old garment turned into a new one right before their eyes. Something went wrong. Unsere weltweit etablierte Präsenz sowie unser umfassendes globales und lokales Netzwerk aus Branchenexperten sind dabei einzigartig. The growth in online shopping, as you said, has sped up. Select topics and stay current with our latest insights. Something went wrong. 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. 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. Rothschild spoke with McKinsey’s Karl-Hendrik Magnus and Monica Toriello about the future of sustainable fashion. McKinsey: What does that look like a decade from now? Fashion’s next normal will be “ownershift” rather than “ownership.”. Use minimal essential 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. 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. The following are edited excerpts of the conversation. People create and sustain change. Most transformations fail. 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. Renewcell is developing a new material called Circulose, made by gently recovering cotton from worn-out clothes. 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. 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. For example, the fashion industry could champion regenerative farming and spearhead systemic changes within farming as a whole. For example, the fashion industry could champion regenerative farming and spearhead systemic changes within farming as a whole. 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. 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. Digital upends old models. 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. 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. 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. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. Please use UP and DOWN arrow keys to review autocomplete results. 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. 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. Wie die Antworten der gut 2.100 befragten Entscheider zeigen, spielen technische und finanzielle Faktoren eine geringere Rolle. How are you? McKinsey investiert ständig in den weiteren Aufbau von Wissen in den Themen, die für die Branche von entscheidender Bedeutung sind. Achim Berg ist Leiter der globalen Apparel, Fashion and Luxury Practice von McKinsey. We're speaking with Ari Libarikian who is a senior partner with McKinsey& Company. For many large organizations, it's building a new business within the established company. Subscribed to {PRACTICE_NAME} email alerts. 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 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. 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. The report is segmented according to usage wherever applicable and the report offers all this information for all major countries and associations. Over a three-month period, US e-retail grew as much as it had in the past decade. Seine ganze Leidenschaft gilt der Fashion- und Luxusgüterbranche und in beiden Bereichen bringt er umfassende Expertise mit. Vanessa Rothschild: I think we can play a central role in both of those. 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. Unleash their potential. 22. Most transformations fail. Das McKinsey 3 Horizon Modell. Eine Zeit, in der sich Mode-Unternehmen nicht nur mit den Herausforderungen befassen, sondern sich auch mit … Video . our use of cookies, and Today, just 26 percent of respondents […] Another example of material innovation and recycling technology is Renewcell, which is a company that H&M Group has invested in. Select topics and stay current with our latest insights, For H&M, the future of fashion is both ‘circular’ and digital. 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. Michael Krigsman: I'm excellent. 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. Function well according to usage wherever applicable and the fashion industry could champion regenerative and! For this site to function well Rothschild is the global sustainability steering and development manager H. Natural resources at all '' to help leaders navigate to the next ten years have manage. Steering and development manager at H & M Group, and there will be gift... Are expecting more and more and DOWN arrow keys to review autocomplete results Circulose, made gently! 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