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Buy and Hold: Shopping now for the long-term

A new McKinsey Report, "The State of Fashion 2021: In Search of Promise in Perilous Times" (summary  here ), estimated a 93% drop in 2020 profit in the global industry—that's Depression-era loss. You have probably seen this yourself; unable to weather the misery, firms from Chico's to J. Crew struggle; small houses like the adored Elizabeth Suzann have closed for good.  The authors propose paths to survival, but not once in the summary do they recommend that brands devote themselves to  maintaining quality . Companies still standing will be investing heavily in "the online experience and channel mix", and looking for every way possible to recover. I promise they will cut some corners.   From this spring's deliveries on, expect to see mid-priced and bridge lines made with shallower hems, cheaper findings, more cropped cuts, more synthetics. A pocket removed from a top's design translates into tens of thousands of dollars for a major manufacturer. For

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