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  "documentTitle": "The State of Fashion 2025",
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      "text": "Profitability improvements that have driven record-high EP in the fashion industry have met investor expectations. However, the share of the valuation driven by future profit expectations has fallen, shedding light on investor uncertainty about the industry’s future value creation opportunities.",
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      "text": "a. Enterprise value (EV). 2024 value is for calendar year, the rest fiscal years of companies\nb. EV/EBITA is a financial ratio that compares a company's enterprise value (EV) to its earnings before interest, taxes and amortisation (EBITA), used to evaluate a company's valuation and profitability\nc. Earnings before interest, taxes and amortisation\nd. Based on H1 actuals (for 65 percent of companies) and H2 analyst consensus\nNote: Luxury includes luxury and affordable luxury, non-luxury includes premium/bridge, mid-market and value/discount segment",
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      "text": "Source: McKinsey Global Fashion Index",
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