FASHION’S BIG RESET

The year 2020 was one of the toughest year in history for every industry.The fashion industry was also affected by declining sales,intrupted supply chain across the world.

Countries are new beginning to reopen their shop and companies and returning to work. But fashion will not and shoud not return to what it was the change in behaviour and prefrences of customer will lead to permanent changes .

The first lockdown regulation had a big impact on the fashion industry with many people staying at home and many brands have to close their stores. In india there is decline of 24%of net sales in the full year (1 dec 2019-30 nov 2020) compared with 20% decline in the net sales globally. The pandemic forced most industries and communities to go virtual, and shopping habits have been no exception. Whether for convenience or personal safety, online shopping is here to stay. Over 60% of people report that they will purchase clothing online more post-lockdown. Moreover, nearly 33% have purchased clothing seen on social media during the last year of lockdown. The crisis had been impact on brands but even more on the supply chain.

IMPACT

• Closure of many leading brands retail: Many retailers have to shut their doors because of government guidelines. As a result, the stocks are stocking up and have become a costly asset.

• Cancellation of fashion show: Many retailers have to shut their doors because of government guidelines. As a result, the stocks are stocking up and have become a costly asset.

• Unemployment: Many people faced unemployment because of the shutting down of industries, and retailers. As a result, many employees got suspended from their work. Many people are employed in the garment industry. A sudden breakdown in the field has brought up the level of unemployment.

• Online shopping: Many leading designers have adopted this method of showcasing their designs and built a market there.

This shows the effects of corona on fashion that were predicted in the fashion industry. The sales have declined as people are avoiding going out and gathering.The concept of shifting to digitization has emerged in the companies so that at least the business will keep moving. This process is helping the companies to accelerate their module and remain competitive. The effect of the COVID-19 pandemic has significant effects on demand and the supply chain. Many brands have either canceled their order or have issued a waiting period.

by: mokshita