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  "documentTitle": "The State of Fashion 2025",
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      "text": "Off-price retailers have continued to grow revenues and improve profitability despite broader market turbulence, this year's McKinsey Global Fashion Index (MGFI) analysis shows. Traditional off-price retailers Burlington, Ross and TJX are expected to grow revenues by a weighted average of 4.6 percent in 2024, compared to a 2.6 percent average for publicly listed fashion companies. Ross and TJX were also among the MGFI Super Winners list, leading in industry economic profit in 2023. Outlet channels are also benefitting from this dynamic. In the first half of 2024, Zalando's business-to-consumer (B2C) channel profitability rose 1.4 percentage points year on year and revenue grew by 0.6 percent. Meanwhile, e-commerce off-price brands are growing even faster, with players such as BestSecret growing 25 percent in the first quarter of 2024.",
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      "text": "TJX: \"We're convinced that consumers will keep seeking value. We believe our strategy of trading across a broad range of income and age demographics differentiates us from other retailers.\" Ernie Herrman, chief executive and president, August 21, 2024",
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      "text": "Ross: \"Second quarter sales and earnings were above our expectations as our stronger value offerings resonated with our customers ... now more than ever, we believe price value is critical for [customers] when determining where to shop.\" Michael Hartshorn, group president and chief operating officer, August 22, 2024",
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