These are the stories making headlines in fashion on Wednesday.

Business of Fashion and McKinsey Release State of Fashion 2023 report
Business of Fashion and McKinsey & Co. released their annual report, “The State of Fashion 2023,” containing insights for the upcoming year and 10 key trends that are set to shape the industry. Business of Fashion CEO Imran Amed cautions of an upcoming global “polycrisis” between the economy and fallout from Russia’s war in Ukraine. Major findings include that a whopping 56% of fashion executives are bracing for an industry slowdown through 2023 amid various pressures. However, luxury sales are likely to carry the industry, expected to grow 10% over the year. The industry remains cautious on the dangers of greenwashing. {Business of Fashion}

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