Fashion and lifestyle industry in crisis: CFOs do not expect a quick recovery

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• Structural shift rather than temporary slump: 83 percent of CFOs do not expect a significant revenue recovery in 2026, and just as many view the persistent economic weakness as their biggest challenge
• Liquidity takes center stage: Liquidity planning and performance programs top the CFO agenda, each cited by 63 percent of respondents
• Restructuring becomes a necessity: 86 percent of companies are already implementing such programs, and 92 percent are seeing initial measurable impacts on earnings and profitability

Munich, August 2026: The fashion and lifestyle industry in German-speaking countries is facing a new reality: the ongoing period of weakness is no longer a cyclical downturn but a sign of structural change. This is the finding of the latest "CFO Pulse Survey 2026: Beyond the Catwalk" by Roland Berger. The study surveyed CFOs from more than 30 leading fashion and lifestyle companies in the DACH region.

83 percent of the CFOs surveyed identify the persistent economic weakness as the industry's greatest challenge—an increase of ten percentage points compared to 2025. At the same time, 83 percent do not expect a significant revenue recovery this year. Geopolitical instability has also reached a peak, cited by 71 percent. Consequently, many companies are increasingly caught between stagnating revenues, growing competitive pressure, and rising costs.

Reluctance to buy is now affecting virtually all segments. While the crisis initially weighed primarily on the mainstream business, 60 percent of CFOs now anticipate a deterioration in the premium segment as well, with 43 percent expecting the same for the luxury sector. Alongside weak demand, costs continue to rise; CFOs project increases of around six percent in energy and logistics costs. Sentiment among financiers has also soured: half of the respondents view their financing partners' stance more negatively than in the previous year, and 43 percent expect further deterioration. Consequently, liquidity is becoming a key management metric.

This is reflected in CFO priorities: liquidity planning and performance programs are tied for the top spot, each cited by 63 percent of respondents. The transformation of the finance function is also gaining significant importance, rising eleven percentage points to 49 percent. The majority of companies have already taken action: 86 percent are actively implementing restructuring programs—almost twice as many as two years ago. 83 percent of CFOs consider fundamental restructuring necessary, up from 50 percent previously. Reorganizations (77 percent) and margin optimization measures (74 percent) are the most frequently implemented initiatives.

These programs are having an impact, though often more slowly than planned: for 92 percent of respondents, transformation measures are already yielding measurable effects on the profit and loss statement. At the same time, key hurdles remain. 63 percent cite a lack of capacity, 54 percent point to inadequate change management, and 49 percent identify gaps in internal expertise as factors slowing progress. 43 percent of the programs are proceeding more slowly than anticipated.

Strategic alternatives are also limited. Not a single CFO describes the market for fashion assets in the DACH region as active; more than 70 percent rate it as weak. The biggest hurdles cited for sales are a lack of investor interest (57 percent) and valuations that are too low (46 percent). When transactions do occur, competitors (57 percent) and turnaround specialists (51 percent) dominate the landscape.

For some companies, the only remaining option is to close specific business units, locations, or brands. Twenty percent of the companies surveyed have already closed business units, abandoned locations, discontinued brands, or are currently in the process of winding down operations over the past 24 months. At the same time, winding down operations is costly and often difficult to implement in practice.

"The results clearly show that the industry is not facing a temporary slump but a structural crisis," says Benjamin Rassler, Partner at Roland Berger. "Many companies have already responded decisively and initiated their transformation. However, if revenue growth fails to materialize and costs continue to rise, mere optimization is often no longer enough."

"CFOs must now master three options simultaneously: restructuring, divesting, or closing down," adds Richard Federowski, Partner at Roland Berger. "It is crucial to evaluate underperforming areas early on using data and to take decisive action. Those who delay these decisions for too long lose valuable time in a market that is increasingly unforgiving of missteps."

About the study
For the study, a total of 35 finance executives from leading fashion and lifestyle companies in Germany, Austria, and Switzerland were surveyed in April 2026.