GEN AI’S CREATIVE CROSSROAD

 According to McKinsey analysis, as much as one-fourth of generative AI’s potential

value in fashion may be driven by use cases in design and product development.
 73 percent of fashion executives said generative AI will be a priority for their
businesses in 2024, but just 28 percent have tried using it in creative processes for
design and product development.
 Equity funding for generative AI-focused start-ups skyrocketed in 2023, reaching
$14.1 billion in the first half of the year alone.

FAST FASHION’S POWER PLAYS

In 2023, fast fashion accelerated. Companies like, Temu and Shien with their ultra-low prices
and rapid turnover of trendy styles, have captured the attention of consumers in western
market.

In a proprietary survey of consumers in the UK and US by Mckinsey, we find that shoppers

from all age groups are increasingly turning to third-generation fastfashion retailers such as
Shein and Temu.
SUSTAINABILITY RULES

The era of the fashion industry self-regulating sustainability is drawing to a close around the
world.
The fashion industry is heading for a reality check. By the end of 2024, self-regulation of
sustainability may no longer be an option. Many new rules around the world are set to
mandate action on everything from textiles production and chemicals use to recycling and
waste.
Across jurisdictions, new rules could have a widespread impact on both consumers and
fashion players.
Brands and manufacturers need to revamp business models to align with the changes ahead