Fashion, the challenges of 2026: investing in the supply chain and winning back customers
Between tariffs, geopolitical tensions and the evolution of consumption, the forecasts of D'Arpizio (Bain & Co.) and Andreetta (PwC) for the future of the industry: 'Those who put authenticity and quality at the centre will win'
The adjective most frequently chosen by most of the CEOs interviewed in the recent report The State of Fashion 2026 by McKinsey and Bof to describe the next 12 months is no longer "uncertain", as in the past two years, but "challenging": a term that well expresses the posture that the fashion and luxury industry has assumed over the past year, and will maintain for the next one, to face the tariffs imposed by the Trump administration, the change in geopolitical assets, the evolution of the fashion supply chains, but also the almost anthropological change of consumers, who demand more than ever before an adequate relationship between quality and price and to be won over again by the creativity of brands.
"2026 is shaping up to be the year in which the luxury sector will be called upon to demonstrate a new form of maturity," comments Claudia D'Arpizio, senior partner and global head of fashion & luxury at Bain & Company. "It is no longer just a matter of growing in a market that - although going through an uncertain cycle - is showing signs of a return to moderate expansion (+3-5% forecast for 2026 at constant rates). It is about rebuilding a balance between creativity, supply chain and consumer in a context that has exposed fragilities, but also new opportunities'.
One of the most important challenges will be that of industrial resilience, in the light of a fragmented value chain, under pressure from fluctuations in demand, and macroeconomic and geopolitical tensions: 'But out of this complexity comes a new model, with more structured partnerships, selective integration, joint planning and continuous transparency,' continues the analyst, for whom another of the most important challenges in 2026 will be linked to regaining consumer confidence. 'In recent years, prices have risen faster than perceived value,' adds D'Arpizio. 'Bringing authenticity, consistency and tangible quality back to the centre of the offer is essential.
The rediscovered and at the same time renewed value of a brand, its ability to resonate in those who choose it in a more direct, effective and coherent manner will be one of the great themes of 2026 also for Erika Andreetta, partner PwC Italy, Emea fashion & luxury leader: 'Rediscovering identity and knowing how to interpret and represent local culture are the real stars of the sector,' she says. 84% of customers want to share the values of the brand in order to buy it. 43% of Americans say they are more interested in buying products made in the USA and more than half of Chinese choose domestic brands'.
The new geography of consumption, with China remaining an unknown and the United States and above all the Middle East shining instead, will also be a field of experimentation for artificial intelligence, which the industry could use to optimise and direct its presence and activities. Physical retail, in any case, will remain crucial, as also highlighted in the Bain-Altagamma report that forecasts a 5% increase in sales in this channel in 2026: "We are moving towards an optimisation of direct and franchised shop networks, with an increasingly omnichannel approach, and a strong focus on very important clients, word of mouth and storytelling," notes Andreetta, who also emphasises the growing importance of second-hand purchases and those linked to wellbeing, i.e. outdoor products and sportswear.
