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  "documentTitle": "The State of Fashion 2025",
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      "text": "Inaccurate stock purchasing across sizes is estimated to result in profit loss of up to 20 percent on average.",
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      "text": "2.5-5B of excess of garments produced by fashion brands in 2023",
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      "text": "Excess stock in the fashion industry was estimated to be worth between $70 billion and $140 billion in sales value in 2023. In 2024, despite overall industry inventory levels remaining broadly flat, about one third of brands continued to struggle with inventory positions. Luxury inventories rose 2 percentage points in the first half of 2024 compared to 2023. LVMH and Kering recorded excess inventory of almost €5 billion ($5.4 billion) combined in 2023, with impaired inventory accounting for about 4 to 8 percent of total sales. Many brands resorted to profit-diluting tactics like discounting. In the US, the average proportion of discounted fashion items in the first half of 2024 rose 5% points year on year. Nike said markdowns affected around 44 percent of its assortment on average in 2024, compared to just 19 percent in 2022.",
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      "text": "Stock-outs that span beyond a small proportion for brand-building purposes undoubtedly create missed revenue opportunities. The root causes of stock-outs are more varied than ever and cut across functions, making them difficult to identify and address. These range from on-time-in-full issues due to vendor problems to inaccurate inventory forecasting. Out-of-stock sizes ranks as the top complaint among shoppers. Inaccurate stock purchasing across sizes is estimated to result in profit loss of up to 20 percent on average. For example, Lululemon attributed slower growth in the US in the first quarter of 2024 in part to insufficient inventory and stocks-outs in smaller women's sizes.",
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      "text": "Shipping parcels. Alistair Berg/Getty Images.",
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      "text": "As a result, fashion brands continue to struggle with both excess stock and stock-outs",
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