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Coronavirus: Why the fashion industry faces an 'existential crisis'
Saturday, 01 August 2020 - 10:39 | Views - 679

Normally, at this time of year, many of us would be curating our perfect summer wardrobe as we prepare for sunny weather and foreign holidays.

Instead, clothing sales plummeted by 34% in March as much of the world's population is currently unable to travel abroad or even socialise amid lockdown restrictions.

"No-one wants to buy clothes to sit at home in," as Next's chief executive Simon Wolfson put it last month.

 

The fashion industry has been negatively impacted by the coronavirus outbreak on every imaginable level; production has ceased, retailers have closed, demand has plummeted.

"It has led to a real existential crisis for the fashion industry," says Imran Amed, the founder and CEO of The Business of Fashion, a leading industry website which has produced a report about the impact of the coronavirus outbreak.

"This is an industry which is still almost entirely dependent oh physical retail. More than 80% of transactions in the fashion industry still happen in physical stores.

"Added to that, many consumers simply aren't interested in buying clothes right now. There's so much focus on purchasing essential items to survive during the lockdown and I think everyone's minds have naturally been focused on that. So fashion just becomes an after-thought, or no thought at all in that kind of context."

 

 

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