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  "documentTitle": "The State of Fashion 2025",
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      "text": "The old playbook is now obsolete; the industry will need a new formula.",
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      "text": "To reach these consumers, executives told us they will localise their go-to-market models, broaden their price ranges and focus on brand positioning to capture the attention of shoppers who are increasingly prioritising value.",
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      "text": "In the shift back to physical retail, pure-play luxury marketplaces have struggled. This coming year may see mass online marketplaces experience similar disruption; most have seen their share prices plummet from pandemic highs.",
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      "text": "Brands are also reevaluating which consumer cohorts to pursue. While the fashion industry has historically prioritised younger shoppers, the \"Silver Generation\" of over-50 customers is growing as a proportion of the overall population.",
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      "text": "Not all brands are equally adept at making these pivots. Often, it is newer, \"challenger\" brands, unburdened by historic conceptions about products, stores and customers, that are coming out on top.",
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      "text": "These supply chains will need to become more agile, with companies making efforts to reduce excess inventory and minimise the risk of shortfalls. Margin pressures, as well as pressures from governments around the world to reduce emissions.",
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      "text": "Next year, ongoing shifts in global trade must also be monitored and anticipated for their impact on sourcing. Retailers will accelerate their reconfiguration of supply chains to prioritise nearshoring and manufacturing in geopolitically aligned countries.",
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      "text": "Finally, the climate crisis will remain a potent force across fashion supply chains and in driving consumer behaviour. Even though shoppers have proven less willing than hoped to pay extra for planet-friendly products.",
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      "text": "Leaders who move quickly to identify the bright spots, whether they are geographic, demographic or technological, will be primed for success, but only if they're able to evolve. The old playbook is now obsolete.",
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      "text": "Smart e-commerce players are focusing on new paths for product discovery. Shoppers who were once dazzled by the seemingly endless selection available at many online retailers now bemoan the difficulty of finding what they want.",
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      "text": "One way to achieve this is by improving the shopping experience. Consumers are returning to in-store shopping at pre-pandemic levels across much of the world, but retailers need to remind shoppers what they love about the in-store experience.",
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