{ "docId": "019dd923-5de0-76bd-a16a-3daf99bdaba2", "docSlug": "d226a513f9a7a03c", "documentTitle": "The State of Fashion 2025", "authorId": "McKinsey", "authorName": "McKinsey", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "strategy_consulting", "sourceTypeLabel": "Strategy consulting", "presentationDate": null, "orientation": "landscape", "aspectRatio": 1.333, "pageNumber": 144, "pageCount": 154, "prevPage": 143, "nextPage": 145, "slideType": "quote_slide", "function": "summarize", "density": "dense", "nDataPoints": 0, "notes": "The slide features a large photograph of a person wearing On running shoes in a field, with text columns on the left.", "elementsJson": [ "paragraph", "photo" ], "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019dd923-5de0-76bd-a16a-3daf99bdaba2/144", "deckHref": "/decks/019dd923-5de0-76bd-a16a-3daf99bdaba2", "deckJsonHref": "/decks/019dd923-5de0-76bd-a16a-3daf99bdaba2.json", "deckAnchorHref": "/decks/019dd923-5de0-76bd-a16a-3daf99bdaba2#slide-144", "components": [ { "bbox": null, "kind": "callout", "text": "I think the nature of what drove valuations is different. You were talking about a cohort, many of them going public with growth but not a business model or inherent profit formula that was enduring.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-2e38-7248-a647-b209b27076a4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 1, "w": 0.5, "x": 0.5, "y": 0 }, "kind": "image", "text": "Person wearing On shoes in a field", "attrs": null, "subkind": "photo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "46a3d07f-4540-4875-8baf-c12296feba34", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.5, "w": 0.4, "x": 0.05, "y": 0.45 }, "kind": "paragraph", "text": "With banks now cutting interest rates, how do you expect that will change investor strategies? Any time there are rate movements, it has the propensity to create a mispricing of risk. Sometimes a rise in rates can create opportunity, because businesses that otherwise are sound businesses end up being under-priced relative to their long-term potential. The converse is also true. As rates come down, the biggest risk we see is a tendency to paint everything with the same brush. Separating what's truly unique and differentiated from what is otherwise a rising tide and category, that's where the science comes in. We would look at this rate environment and say, generally, that's going to be good for investment. The watchout is you've got to be able to separate the wheat from the chaff.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1cbba5f7-7c53-43b1-82f1-f090d3d3b149", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.4, "w": 0.4, "x": 0.05, "y": 0.07 }, "kind": "paragraph", "text": "in a world where technology has enabled brands to find and activate these tribes in a cost-efficient fashion, in digital in particular. So you can build a brand cost-effectively, there's a virality to the brand because you've got endorsements from existing customers and you can expand the brand to a level amongst these tribes in ways you couldn't before. What On has done against Nike in that space is a good example. It still has relatively low awareness but very strong traction amongst a particular consumer [demographic].", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9169490c-dbfb-4568-b5fa-e0eb403a20c4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.28, "y": 0.33 }, "kind": "paragraph", "text": "Do you think we'll ever go back to the days of valuations like we saw with, say, Allbirds again, or are those days over? I think the nature of what drove valuations is different. You were talking about a cohort, many of them going public with growth but not a business model or inherent profit formula that was enduring. Those days are gone. I think what it's going to turn to is, 'Okay, what's the nature of the business? What kind of profitability do you have? And can we believe that profitability is going to be sustainable?' That's, I think, where we see value move towards.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e4429d44-7c0d-4af2-b1c0-7122ca20f9b8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.52, "y": 0.9 }, "kind": "source-note", "text": "On advert. On.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b36bfe49-75ab-47cf-8e84-2894ab63e6d8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.8, "y": 0.03 }, "kind": "source-note", "text": "McKinsey Global Fashion Index", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f0c4346f-6fb0-4bd1-9d5b-f18238251e9a", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 154, "from": 20, "beatId": "54b19f34-d2fb-4a44-bbd4-baec035a1a11", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution (Provide relief)", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The document provides solutions and recommendations for fashion brands to address these challenges and succeed in 2025.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }