The past couple of months has shaken up the world in more than a few ways, and the fashion industry has definitely experienced the effects. But, we know this billion-dollar industry will prevail—but not without a few changes.
Over the past month, we have seen brands like J.Crew and Neiman Marcus file for Chapter 11 bankruptcy protection, including smaller brands like True Religion and John Varvatos, and J.C. Penney is expected to file soon. According to credit agency, Moody’s is expecting the default rate for retail and apparel companies to surge between now and next year, from a pre-Coronavirus estimate of 6 percent to 17.2 percent (c/o Business of Fashion)
Even though retail is drastically shifting, designers across the world are using their resources to help aid the fight against COVID-19, and this isn’t the first life-altering period where the fashion industry lent a helping hand.
During World War I, The 1918 Influenza, The Great Depression, World War II, the fashion industry has been here to aid. For example, during both World War I and II, the fashion industry used its silk supplies to create supplies for soldiers. Along with the aid of the industry, after these painful periods, the fashion industry changed for the better—quality over quantity, and essential over non-essential won.
Right now is a chance for the fashion industry to change their plans. An economic downturn is imminent, which means people won’t’ be spending money on disposable items. COVID-19 will change the way we think as shoppers. As consumers, we will invest in essential goods and work with what we have. The change in consumers will make retailers rethink their products and designs.
As we enter this new era, companies will have to be more savvy and willing to go digital. Digital fashion shows, online luxury shopping, and the web will grow along with longer-lasting clothing. As the industry works towards a better future, positive progression will crush the uncertainty.
Nobody knows what’s in store for these next few months, but this is a time to focus on the positives that can be.
ALL PHOTOS C/O PINTEREST