Views:1 Author:Site Editor Publish Time: 2020-04-29 Origin:Site
The fashion industry has been suddenly paused in recent months due to the deadly Coronavirus pandemic. The COVID-19 also exposed the vulnerability of the long and fragile supply chain system and the fault lines in its morals.
Figure: It is high time, that the industry as a whole to amend its weak spots and be strong and sustainable for the COVID-19 post era.
It is high time, that the industry as a whole to amend its weak spots and be strong and sustainable for COVID-19 post era. How will dramatic shifts in the global economy and consumer behavior in the post-coronavirus world impact fashion and what can be done to rewire a fashion system that is no longer working?
McKinsey & Company and Business of Fashion wrote in a coronavirus update to the State of Fashion 2020 report said, Fashion executives and business leaders are currently focusing on crisis management and contingency planning, but eventually we must shift towards re-imagining our industry altogether.
Globally the average market capitalization across apparel, fashion and luxury players plunged nearly 40% from the beginning of January through March 24.
The resulting ‘quarantine of consumption’ could accelerate some of these consumer shifts, such as a growing antipathy toward waste-producing business models and heightened expectations for purpose-driven, sustainable action.