Before Covid-19 hit, the luxury sector was in rude health but 2020 was the year in which everything changed. Since McKinsey's last webinar in August, both the virus and the industry recovery have continued to evolve, and a second wave of restrictions and lockdowns has hit the world, especially in the Western part. The updated McKinsey Fashion & Luxury Scenarios for recovery show that the curves differ significantly for China, the US and Europe, and are highly influenced by travel evolution. In China, luxury has already recovered and is now driving the full market recovery to Q4. There are several key trends shaping up the next normal in the luxury industry, from shifts in customer loyalty and end of seasons, to shakeouts in both channels and brands.
In this session, join McKinsey experts who will discuss the updated recovery scenarios for luxury, what it means for luxury brands and how they should best prepare for a 2021 with diminished demand, but opportunities for those who take control.
