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  "documentTitle": "The State of Fashion 2025",
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      "text": "a. Based on H1 actuals (for 65 percent of companies) and H2 analyst consensus. Note: Examples of companies in each segment...",
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      "text": "After years of raising prices, luxury players can no longer pull this lever without negatively impacting demand. Some players have opted for more promotions, which has compressed their margins.",
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      "text": "Source: McKinsey Global Fashion Index",
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