Fashion in Focus 2022: New Norms and Paradigm Shifts

NEW YORK (October 18, 2022) - Today, Sourcing Journal released its second annual proprietary industry report, Fashion in Focus 2022: New Norms and Paradigm, created in collaboration with global consulting firm AlixPartners. The highly anticipated research reveals insights that brands and retailers can leverage to improve business. The report's findings identify the industry's challenges and offer tools to prepare for inevitable continued disruption.

The report is divided into four categories of focus and includes critical information and insights for each.

1. BEING DIGITAL-FIRST
2. FOCUSED PRODUCT ASSORTMENT
3. PRODUCTIVITY MINDSET
4. SUSTAINABILITY AND SOCIAL STEWARDSHIP      

Based on proprietary data collected via a survey administered to more than 400 top fashion-industry executives, in-depth interviews, and input from the experts at Sourcing Journal and AlixPartners, the report reveals some surprising takeaways:

• Only 50% of brands and retailers are investing in digital tools to fortify their business against disruption.
• Despite all the tech tools available to them, 60% of fashion firms are still using historical data and Excel spreadsheets to plan assortments.
• 41% of companies are still not prioritizing digital tools to connect with consumers.
• 80% of companies have sustainability goals, but less than two in 10 (19%) are actually tracking and using carbon-footprint data.

"Sourcing Journal and AlixPartners set out to clearly define the biggest gains and missed opportunities in the retail industry today, with a shared goal to make a user-friendly guide that is both actionable and solution-oriented," said Edward Hertzman, CEO and Founder of Sourcing Journal. “The findings in this report point to an industry slow to change, and while often with the best intentions, a disconnect remains between goals and tangible progress. Our research illuminates the crossroads we find ourselves at today. Even with the tools at our fingertips to drive efficiency and accountability, the numbers suggest we have a long road ahead."

“Retail and brand executives are beginning to recognize that regardless of where the commercial transaction occurs, consumers have fully adopted a digital lifestyle," said Murali Gokki, Managing Director in the Retail Practice at AlixPartners. “In this new paradigm, consumers hold all the cards in terms of what, where, and how they shop. Brand loyalty and shopping habits are changing quickly, increasing the need for stronger consumer engagement across all digital interactions.” Gokki also said that, simultaneously, “retailers feel a pullback in the economy in the next six months is likely, and less than half feel they are equipped to handle that pullback.”

The report findings will also be unveiled today in person during a presentation by AlixPartners at the Sourcing Journal Fall Summit at Cipriani 42^nd St. in New York. Throughout the summit, speakers will provide strategic solutions to the challenges facing the industry at large, highlighting how fashion firms both up and down the supply chain can commit to transformational change. Details on how to attend the summit can be found here.

Sourcing Journal and AlixPartners executives are available to speak to key insights from the report, as well as summit topics. Please feel free to reach out for interview opportunities.

To download the report, please click here.

 

ABOUT SOURCING JOURNAL

Since its founding in 2009, Sourcing Journal swiftly took the lead as the top-tier voice for sourcing and manufacturing industry thought leaders. Part of Penske Media Corporation since 2017, Sourcing Journal’s expert editorial team leads the industry conversation with smart investigative journalism, breaking news, analysis of global market conditions and industry white papers. With more than 95,000 readers, Sourcing Journal is the premiere trade publication for apparel and textile executives focused on sourcing and manufacturing. Sourcing Journal knows that intelligent business decisions are based on strategic, time-sensitive information. With continuous updates on global market conditions, Sourcing Journal makes sense of an increasingly complex sourcing landscape.

ABOUT PENSKE MEDIA CORPORATION

Sourcing Journal’s parent company Penske Media Corporation (PMC) is a leading global media and information services company whose award-winning content attracts a passionate audience. Since 2004, PMC has been a pioneer in digital media and a platform innovator, reaching viewers on all screens across its ever-growing constellation of iconic brands, which includes Variety, Rolling Stone, The Hollywood Reporter, Billboard, WWD, SHE Media, Robb Report, Deadline, Sportico, BGR, ARTnews, Fairchild Media, Vibe, IndieWire, Dirt, Gold Derby and Spy.com, among many others. PMC’s journalists and content creators deliver daily the most comprehensive news and information in their industries and areas of coverage, unequaled in ambition, depth, and courage. In addition, PMC owns several vital cultural events such as SXSW, LA3C, and Life is Beautiful. Headquartered in New York and Los Angeles with additional offices in 14 countries worldwide, PMC believes companies should not only be profitable but also forces for good.

ABOUT ALIXPARTNERS

AlixPartners is a results-driven global consulting firm that specializes in helping businesses successfully address their most complex and critical challenges. Its clients include companies, corporate boards, law firms, investment banks, private-equity firms, and others. Founded in 1981, AlixPartners is headquartered in New York and has offices in more than 20 cities around the world. For more information, visit www.alixpartners.com.