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  "documentTitle": "The State of Fashion 2025",
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  "notes": "The chart shows EP change for top 20 companies in premium/bridge, mid-market, and value/discount segments.",
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      "text": "The top five companies in these segments are expected to account for 56% of the segment's value, down from 68% in 2023, indicating a more even distribution of value creation among players",
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      "text": "The top five companies in these segments are expected to account for 56% of the segment's value, down from 68% in 2023, indicating a more even distribution of value creation among players.",
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      "text": "a. Includes European players only. b. Based on H1 actuals (for 65 percent of companies) and H2 analyst consensus. Source: McKinsey Global Fashion Index",
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      "text": "Mall brands, Sportswear, Pure online marketplaces",
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      "text": "Mall Brands such as Abercrombie & Fitch, American Eagle and Gap are starting to see the outcome of their transformation efforts.\nSportswear challengers such as Hoka and Salomon are outperforming incumbents.\nPure online marketplaces are focusing on profitability.",
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      "text": "In 2024, the premium/bridge, mid-market and value/discount segments are expected to dial up value creation by focusing on profitability. As consumers continue to trade down, these players' revenues are expected to increase as well.",
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      "text": "In non-luxury, value creation will be more evenly distributed across the segment",
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