The fashion industry has been hit hard by Covid-19. It is an industry that still heavily relies on physical retail and, according to Imran Amed the founder and CEO of The Business of Fashion, ‘more than 80% of transactions in the fashion industry still happen in physical stores’. In addition, as a result of the current crisis, production has been paused and consumer demand has dropped as lifestyles have changed and consumers are spending more consciously. This presents significant challenges for brands who will need to adapt to consumers' desires for comfort and quality over fast fashion and keeping up with trends.
Whilst it is an uncertain time for the industry, this shake up could provide an opportunity for much needed change. The fashion industry has been heavily criticised for overproduction and excess and is the second largest polluter in the world. It is hoped that the current slow down as a result of Covid-19 could act as an accelerator to move the industry to more sustainable and responsible practices.
But even once the coronavirus pandemic has settled somewhat, however long that may take, there are questions about what the fashion industry will look like. "I feel very strongly that when we come out at the other end, people's values are really going to have shifted," Vogue editor Dame Anna Wintour said last week. "I think it's an opportunity for all of us to look at our industry and to look at our lives, and to rethink our values, and to really think about the waste, and the amount of money, and consumption, and excess that we have all indulged in and how we really need to rethink what this industry stands for."
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