The global fashion industry is bracing for 2026, navigating a market defined by geopolitical instability, macroeconomic uncertainty, and, above all, unprecedented U.S. tariffs. As leaders pivot from focusing on “uncertainty” to acknowledging the environment is simply “challenging,” tariffs have emerged as the number one hurdle facing executives.The severity of the trade landscape cannot be overstated, executives told McKinsey and the Business of Fashion for the 2026 edition of the “State of Fashion” report. ...