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In its State of Fashion 2020 report, McKinsey & Company, with Business of Fashion said, “For some years now, the polarization of the market has progressed, with both luxury and value and discount players gaining share with an increasing number of consumers choosing to make major ‘investment’ purchases while otherwise opting for value.” In looking at total return to shareholders to get a sense of each segment’s economic profit, McKinsey said luxury led with 22 percent total return to shareholders, with value behind at 14 percent

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