Fashion innovators are significantly affected very badly by COVID-19 pandemic, primarily in business development and financing, according to a survey by Amsterdam-based global innovation platform Fashion for Good. Although a few innovators see very little impact, mid-stage and late-stage companies are negatively affected as a result of difficult access to their clients. Some responses indicate a positive impact in the long term, particularly in circular business models. Innovator actions undertaken in response to the crisis show flexibility in strategy or operating expenditure. Most innovators are optimistic about the situation improving in 12 months, a press release from Fashion for Good said citing the survey results.
Innovators, who see this crisis as a potential trigger to completely transform the industry, need most support in the areas of business development and fundraising.
In addition, several innovators are pivoting their business models to address some of the immediate issues brought about by the current situation, using their innovations to support solutions in manufacturing goods and materials.