It makes sense that as trust has eroded, consumers have become more active in scrutinising the brands they do business with.įashion executives anticipate consumers’ need for transparency | Source: BoF-McKinsey State of Fashion Survey Fashion executives anticipate consumers’ need for transparency | Source: BoF-McKinsey State of Fashion Surveyįashion executives anticipate consumers’ need for transparency | Source: BoF-McKinsey State of Fashion Survey As a result, they are demanding to know much more about a range of issues, from where and how items are made to the design provenance and the item's quality.Īs Mike Smith, chief operating officer of Stitch Fix, asserts, “If you don’t have trust, you don’t win the customer over time.” Yet surveys suggest that trust in businesses fell in 40 percent of countries in 2017, with more than two in five consumers saying they didn’t know which brands to trust. Recent high-profile data breaches at a number of online fashion companies, and in other industries, have left consumers wondering whether they should share information with brands and retailers. The fashion industry suffers from a rising trust deficit. Given the need to regain that trust, fashion players cannot afford not to examine long-standing practices across their businesses.
SMALLAND CASE FOR TRANSPARENCY FULL
LONDON, United Kingdom - Fashion companies must come to terms with the fact that a more distrusting consumer expects full transparency across the value chain. To learn more and download a copy of the report, click here. This article appeared first in The State of Fashion 2019, an in-depth report on the global fashion industry, co-published by BoF and McKinsey & Company.
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