BoF is away for its annual break until 2nd January. In the meantime, we invite you to explore highlights of our news and analysis from the year.
WHAT YOU NEED TO KNOW TODAY: TUESDAY, DECEMBER 31, 2024 | | | Dear BoF Community,
With the novelty of generative AI having worn off, many brands and retailers spent 2024 asking themselves the same question: What the heck can we do with this thing?
Some of the earliest experiments with the technology have already fizzled, raising questions about its long-term prospects. On the other hand, others have gone all in on this latest strain of AI, building fashion-design platforms with it, using it to engineer entirely new fragrances and even training it to carry on a designer's creative legacy. Consumers weren't always enthused, lashing out at brands over concerns like the tech's use of copyrighted material and its environmental impact.
For many brands and retailers, however, the focus this year was on more immediate concerns, as the industry slammed into economic headwinds and shoppers pulled back on high-end spending. Nike shuttered RTFKT, the virtual sneaker brand it acquired at the height of the web3 boom, and luxury e-commerce faced a reckoning with the collapse of high-profile players like Farfetch and Matches. Even so, a number of emerging marketplaces defied the e-commerce slump, proving that success isn't impossible; it's a matter of execution.
To that end, companies continued looking for ways to better curate and personalise their online assortments for consumers overwhelmed by choice, while continuing to invest in data analytics to better understand their shoppers. The smartest brands were able to put those insights to use to create more meaningful customer connections.
Marc Bain, Technology Correspondent |
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| The State of Fashion 2025 by McKinsey & Company and BoF Insights | Fashion executives are feeling pessimistic about 2025. A long-expected post-Covid spending slowdown has arrived, while geopolitical tensions remain high. But there are still pockets of opportunity in promising new markets, in underserved customer groups and at new frontiers in customer experience, powered by artificial intelligence. Download The State of Fashion 2025 now to explore the 10 themes that will define the industry in the year ahead. | | |
