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  "documentTitle": "The State of Fashion 2025",
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      "text": "Economic profit (EP) grew 16 percent from 2022 to 2023 and is expected to reach record-high levels in 2024.",
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      "text": "Economic profit (EP) grew 16 percent from 2022 to 2023 and is expected to reach record-high levels in 2024. That said, the 5 percent growth expected in 2024 is lower than the growth seen in 2023.",
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      "text": "Following the shift in segment dynamics in 2023, in 2024 non-luxury is expected to generate more EP than any other segment since 2010 (excluding Covid-19) driven by efficient operations and customers trading down, with a 30-index point increase from 2023.",
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      "text": "Between 2022 and 2024, the top 20 percent of players are expected to lose 13%points in value, while the bottom 20 percent gain 13%points, closing the gap between players.",
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      "text": "Luxury leads the Super Winners list, based on performance in the last full year. New entrants include Deckers, Mexican department store operator El Puerto de Liverpool and Moncler. Further reshuffling is expected by the end of 2024.",
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      "text": "While the luxury segment drove value creation in recent years, in 2024 EP for the segment is expected to fall for the first time since 2016 (excluding Covid-19) due to lower demand creating margin pressure.",
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      "text": "McKinsey Global Fashion Index",
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