3 The State of Fashion 2021 The State of Fashion 2021 7 CONTENTS Executive Summary 8—9 Industry Outlook 10—13 GLOBAL ECONOMY 16—33 01: Living with the Virus 17 Jumia: Balancing Speed with Discipline in a Crisis 20 02: Diminished Demand 23 Covid-19 and the New Era of Luxury 29 CONSUMER SHIFTS 34—57 03: Digital Sprint 35 Kering: Fast-Tracking a Digital Upgrade 38 Alibaba: Innovating for China’s Advanced Ecosystem 41 04: Seeking Justice 45 Louis Vuitton: Hardwiring Accountability in a State of Flux 48 05: Travel Interrupted 52 Selfridges Group: Managing the Pivot to Local Shopping 55 FASHION SYSTEM 58—99 06: Less is…