The fashion industry, founded on billions of consumers getting dressed up with places to go, has been a major casualty of the Covid-19 pandemic.
Its profits are expected to dive by 93 per cent in 2020, and global revenues are projected to shrink by 27 to 30 per cent compared to the previous year, according to consulting firm McKinsey and industry intelligence provider The Business of Fashion.
As the pandemic led to retail stores being shut and people across the world being confined to their homes, industry observers called for a departure from a business model that relies on selling ever more unnecessary products to customers, at prices that leave millions of farmers and factory workers without viable livelihoods.
“Covid-19 has exposed the fallacies of the current ‘pile-high-sell-low’ and ‘take-make-dispose’ business models, and the fashion industry now has a unique window of opportunity to make fundamental changes as the world emerges from the pandemic,” said Ariel Muller, managing director, Asia, of international sustainability non-profit Forum for the Future.
Brands and retailers cannot do it alone, the non-profit argues in a recent report. They must bring on board and invest in their supply chain partners, if the industry is to achieve the “deep transformation” that is rapidly needed.
“Manufacturers hold the key to practical execution of industry transformation,” said the report, Making the Leap to Circular Fashion.
Covid-19 has exposed the fallacies of the current ‘pi…. Read more: https://tinyurl.com/y4gs3lyr
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