When compared to front line service industries fighting to keep people alive and fed the fashion industry has taken a back seat during the pandemic. But what does this mean for the fashion world in the future?
The pandemic pushed pause on the fashion industry across the globe, an industry that is both a creative mecca and on the world’s most significant fiscal heavyweights.
The industry deterioration would see a big impact on global economy, furloughing or causing unemployment status to millions of artists, designers, seamstresses and more.
Forbes claims that store closures and down sales lead to western fashion brands cancelling over 2.8 billion dollars in orders from Bangladeshi suppliers. At least 1.2 million workers in Bangladesh are said to have been impacted by these cancellations according to Forbes.
Dozens of luxury brands have stepped up, like Tiffany and Company, Prada and Dolce and Gabbana, all rallying and donating to hospitals and those at the center of the crisis.
Fashion weeks across the globe were either cancelled or went virtual.
Physical stores closed at the start of the pandemic, and some company’s brick and mortar stores may not recover.
In the luxury sector, brands are predicted to experience a 10 billion dollar decline in luxury sales, and overall the industry could lose $30-40 billion in sales.