ThePowerHouse joins as expert advisors in State of Fashion Report by McKinsey and BoF

The Business of Fashion (BoF) and McKinsey & Company published their third annual The State of Fashion report. Each year these two companies collaborate on an all-encompassing report of what they predict will happen in the fashion industry for the next year. They interviewed experts and industry leaders around the world (including ThePowerHouse!), conducted studies and produced a well-written and researched report that gives fashion companies a good overview of what to expect in the year ahead.

This year, our Founder and CEO Lisa Lang provided her professional opinion to McKinsey & Company and discussed the role of microfactories. She is credited with saying, “microfactories will take off on the next few years and there is evidence of a few players already developing them.”

As companies strive to be ready for market quickly and to test things directly with consumers, microfactories provide a fast and nimble option. Having microfactories will also greatly reduce waste — providing a much more sustainable option for the future and reducing the sheer quantity of clothing produced. This is a topic we covered with Cécile Poignant in our interview with her as part of our Future Fashion & Mobility Trend Report

The State of Fashion 2019 also discusses the end of personal ownership as pre-owned and rental based companies continue to be on trend. This is a topic that we cover on the next part of our series on the COLLECTIVE. Ideas around personal ownership are changing as individuals look for sustainable and affordable options. The BoF and McKinsey report reveal the role that second-hand stores will play in the future as they prognosticate a greater demand for already owned clothing.

To read the report in its entirety, view it online at McKinsey or The Business of Fashion. Also, check out our Future Fashion & Mobility Trend Report for an in-depth look into our analysis of future fashion changes we foresee emerging from technology and mobility!