News & Analysis

From the luxury slowdown to shifting consumer tastes and unprecedented demographic shifts, The State of Fashion 2025 explores the biggest challenges and opportunities the industry will face in the coming year.

BoF looks back at the news that changed the industry this year — and will define the fashion agenda in 2025.

This week, US President-elect Donald Trump singled out Canada, Mexico and China for early action on tariffs, Walmart joined businesses in cutting back DEI programmes, and Black Friday offered a glimpse at how the election is shaping consumer sentiment.

Hope and freedom were the enduring themes at the ninth edition of BoF Voices, said BoF founder and CEO Imran Amed, which hosted esteemed guests including Bethann Hardison and Giles Duly.

Former model, agent and advocate Bethann Hardison, French drag queen Nicky Doll and model-and-influencer couple Nara and Lucky Blue Smith spoke about challenging societal norms and finding their power.

Valentino’s Alessandro Michele and Jacopo Venturini, On founder David Allemann and Skims co-founder Jens Grede and more spoke about creativity and culture.

In the third session of VOICES, some of fashion’s most promising innovators grappled with the costs and benefits of this century’s most exciting technology.

Industry insiders including designers Simon Porte Jacquemus and Glenn Martens, H&M CEO Daniel Ervér, e-commerce executives Lauren Santo Domingo and Michael Kliger and more spoke about key challenges and opportunities for their businesses and fashion at large. Meanwhile, McKinsey provided an outlook for 2025.