The coronavirus pandemic is
continuing to be a global threat as the total of
confirmed cases rises to 3,222,466 and 228,270 deaths.
However, to contain the virus from spreading
further, many nations had to lockdown cities. The
consequences of lockdown and travel ban severely
hit the global market. The stock markets crumpled,
and business
sectors such as real estate,
tourism, MSME, retail industry, and many more are
continuing to bare losses.
The entire world is currently
battling the deadly virus and the lockdown has upset the
fashion industry too. Big fashion brands,
such as Burberry, Dior, Giorgio Armani, Gucci, Louis
Vuitton, and many more, felt the impact of the
coronavirus lockdown as malls, fashion streets,
and stores were shut all over the globe. Many
important fashion
events such as the Met Gala in New
York, Paris Men’s Fashion Week, 2020 CFDA
Fashion Awards and The India Fashion Week Autumn-
Winter 2020 either had to be postponed or
canceled due to the pandemic.
The Fashion Industry’s supply chain
has come to a standstill as the supply from design
to delivery has wholly diminished. The fashion the industry thrives on fabric from all around the world,
which is impossible to deliver or receive
amid lockdown. Big brands in the industry get their
clothes stitched by workers from various other countries
for cost-saving, e.g., Sri Lanka, Bangladesh,
and Vietnam, to name a few, which has been poorly
struck by the
Covid-19 health crisis.
Nobody knows how the world will look
like after the pandemic but it will surely bring a
significant change in consumer behavior. The The fashion Industry is majorly vulnerable since its
market depends on discretion spending. The question
arises, will trends change? Or will consumers avoid
expenditures on luxury items or continue to purchase
them? However, time will tell if there
will be alterations or a massive scale shift in the fashion industry
Comments
Post a Comment