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Luxury Fashion Is Rethinking Its Value to Shoppers

After years of raising prices with no corresponding bump in quality or creativity, the industry is being forced to rebuild its trust with shoppers, according to the BoF-McKinsey State of Fashion 2026.
Prada Spring/Summer 2026 Menswear
The luxury slowdown is prompting a phase of strategic renewal. (Courtesy Prada)
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Over the past three years, luxury volume growth has softened, with brands increasingly relying on price increases to maintain top-line performance. Between 2023 and 2025, around 80 percent of luxury market growth is estimated to have stemmed from price increases rather than volume gains — a lever that cannot be relied on indefinitely.

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Further Reading

The State of Fashion 2026: When the Rules Change

The 10th annual State of Fashion report by McKinsey & Company and BoF Insights, The Business of Fashion’s data and advisory team, reveals how changes in trade, technology and consumer behaviour will challenge businesses in 2026. Download the full report to understand the 10 themes that will shape the industry and opportunities for growth in the year ahead.

© 2026 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

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