麦肯锡-奢侈品状态：如何应对经济放缓（英）

1The State of Fashion: Luxury The Stateof Fashion LuxuryACKNOWLEDGEMENTSThe authors would like to thank Michael Amoako, Ugo Apuzzo, Charlotte Jiang, Lucrezia Luti, Nadya Snezhkova, and Liann Wu from McKinsey’s Paris and New York offices for their critical roles in delivering this report.A special thanks to all members of The Business of Fashion and the McKinsey communities for their contributions to the research and participation in the BoF-McKinsey State of Fashion 2025 Executive Survey, especially the many industry experts who generously shared their perspectives during interviews. In particular, we would like to thank Benjamin Comar, Tina Edmundson, Andrea Guerra and Harvey Spevak. We’d also like to thank Marie Victoire de Bascher for the cover illustration.The wider BoF team has also played an instrumental role in creating this report — in particular, Marc Bain, Brian Baskin, Nick Blunden, Amanda Dargan, Liz Flora, Jael Fowakes, Fred Galley, He Jia, Rawan Maki, Alex Negrescu, Anna Rawling, Darcey Sergison, Lillian Sesiguzel, Arunima Sharma, Robin Swithinbank, Amy Vien, Amy Warren and Josephine Wood.We would like to thank the following McKinsey colleagues for their special contributions to the report: Ekaterina Abramicheva, Ekaterina Akimova, Magdalena Balcerzak, David Barrelet, Kristy Choy, Colleen Baum, Stijn Broekema, Pamela Brown, Léa Deniaud, Sandrine Devillard, Vanessa Dib, Sherina Ebrahim, Sebastian Frank, Patricia González Mendez, Ana Paula Guimarães, Kenza Haddioui, Lize Hartley, Homayoun Hatami, Johnny Ho, Patricio Ibáñez, Marcus Jacob, Rebecca Jiang, Younghoon Kang, Franck Laizet, Hsin Yen-Lee, Clarisse Magnin, Laura Mendoza, Apurva Misra, Alexandra Mondalek, Jessica Moulton, Alexandre Oriez, Gizem Ozcelik, Arianna Pileri, Emily Reasor, Roger Roberts, Felix Rölkens, Erik Rong, Chloé Salomé, Carlos Sánchez Altable, Rachel Sandri, Alex Sawaya, Alice Scalco, Jennifer Schmidt, Tanina Sehl, Gregoria Serretta Fiorentino, Mona Sharak, Alexander Silwer, Marie Strawczynski, Philip Stephan, Chloe Tait, Corinne Teschner, Yasufumi Tozuka and Daniel Zipser.The authors are grateful to the Luxury Institute and Quilt.AI for their contributions to the research.About Luxury InstituteLuxury Institute has served over 1,100 luxury and premium goods and services brands in the last 21 years through leading-edge research with affluent, HNW and UHNW consumers, consulting and training solutions developed by the best, most successful minds in the industry. Luxury Institute has the largest global networks of top-tier luxury executives, experts and HNW and UHNW individuals and families. Today, the Institute has conducted more quantitative and qualitative research on affluent, HNW and UHNW consumers than any other entity. With unique, unmatched expertise in emotionally intelligent luxury, Luxury Institute has helped top-tier luxury and premium brands create extraordinary customer experiences and build long-term relationships through high trust, high humanity and