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  "documentTitle": "The State of Fashion 2025",
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  "notes": "The chart shows a clear trend of value destruction in recent years (2022-2024E) compared to earlier years.",
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      "text": "According to the McKinsey Global Fashion Index, in 2023 online fashion marketplaces saw the largest value destruction since 2010, at $700 million.",
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      "text": "Economic profit of European online fashion marketplaces, USD (millions)",
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      "text": "Prioritising profitable orders; Exploring new value pools; Building scale and potentially impacting the marketplace-brand power balance; Leveraging generative AI.",
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      "text": "In Europe, \"first wave\" online fashion marketplaces are losing share to low-cost, high-growth players like Shein and Temu, as well as traditional retailers. According to the McKinsey Global Fashion Index, in 2023 online fashion marketplaces saw the largest value destruction since 2010, at $700 million.",
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      "text": "a. Based on H1 actuals and H2 analyst consensus. Note: Companies include: Asos, About You, Boohoo, N Brown Group, Spartoo, Zalando, Boozt. Source: McKinsey Global Fashion Index",
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      "text": "In Europe, online fashion marketplaces will need to evolve their business models",
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