The 10th annual State of Fashion report by McKinsey & Company and BoF Insights, The Business of Fashion’s data and advisory team, reveals how changes in trade, technology and consumer behaviour will challenge businesses in 2026. Download the full report to understand the 10 themes that will shape the industry and opportunities for growth in the year ahead. Forty-six percent of executives expect industry conditions to worsen in 2026, an increase of 8 percentage points over 2025. Trade disputes