LONDON — The online juggernaut will gain steam in 2021, and beyond, with accelerating sales, a “war” for digital talent, and pressure on fashion and luxury brands to rethink the role of their physical stores, according to new research from McKinsey & Co.
The online channel has notched seven years of growth in nine months due to a spike in luxury consumers shopping from home, and in their home markets, according to Anita Balchandani, a McKinsey partner who heads the consultancy’s apparel, fashion and luxury business in the U.K. and EMEA.
Balchandani presented the findings of the report, “Taking stock of the apparel, fashion and luxury sector,” during a virtual roundtable discussion on Wednesday, and covered a variety of consumer trends in fashion and luxury worldwide.
In addition to the growing power of online, Balchandani pointed to a strong rebound in China next year, compared with the U.K., Europe and the U.S., and surveyed the damage that the COVID-19 pandemic has wrought during what has been a “remarkable year” for the industry.
Recovery, she said, will be driven by an accelerated demand for online fashion.
She noted that online fashion sales channels exploded in popularity this year, stealing market share