2021’s hottest fashion trend will be widespread industry consolidation ...Middle East

In 2021, the gap between fashion’s winners and losers is set to widen even further, creating the conditions for a wave of consolidation in the industry, according to a joint report by consultancy McKinsey and trade publication Business of Fashion (BoF).Companies with healthy balance sheets will be on the lookout for smaller upstarts and floundering rivals they can scoop up. At the same time, shoppers are expected to spend less on clothing, while companies plan to trim their product ranges to reduce the complexity of their operations and focus on what they feel certain they can sell. In various ways, the industry as a whole is poised to shrink.It won’t be an easy year. Even though much of the

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