In the fashion industry, September/ October is considered as the busy month. In this month, fashion magazines publish all important issues, write about thousand retailers, latest trends and clients as these people go for a journey to New York, London, Milan and Paris. These people roll from cities to cities for attending fashion weeks. After understanding the current scenario, they decide the trend that will power global luxury goods of a market worth around hundreds of billions.
This year as the pandemic situation has almost shut down the tourism sector, it has dropped a huge weight on this industry. This has caused the sales level to plunge, has shocked global supply chains and many more. American house-holds organizations named Brooks Brothers and Lord and Taylor have been pushed to bankruptcy.
Due to this situation, many questions have arisen, such as-
- Should fashion weeks be dismantled and rebuilt?
- The new cycle of building new items every 6 months shall be followed?
- Would that be the best approach?
And many more.
The second quarter of 2020, has been the worst for the fashion industry. The luxury sales are subjected to contract by 25-45%, according to an estimate by Boston Consulting group. It is believed that the sales will reach the pre-covid level not before 2023-2024. Fashion designers are confused if they shall introduce new designs at such a time as the entire world is fighting a battle for survival.
The latest fashion week season began in New York last week with blockbuster catwalk shows and big crowds were replaced with handful of small scale or online only presentations. In Italy and France, some brands have said they plan to host larger physical events, despite having only a handful of international guests, a number of high-profile designer absences and rising infection rates in Europe.
With no fixed timeline for a COVID-19 vaccine, it will be hard to predict what customers will want six months from now. But for luxury fashion, the shows must go on.
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