As the coronavirus spreads, so does its impact on global industries, international and local businesses, manufacturers, and supply chains. The world’s fashion industry, worth a staggering $2.5tn, is no exception. The Guardian reports that global fashion sales are predicted to fall by 30%, with the luxury market facing a plunge of up to 40%.
According to WWD, major retailers and brands are experiencing severe repercussions. The Arcadia Group is cutting pay by 50% for its executives. Italian giant Gucci closed its 6 production sites as a precautionary measure. Ralph Lauren furloughed its retail employees and corporate executives until June 1. The head designer decided to forgo his entire salary for the fiscal year of 2021 and the fiscal bonus of 2020.
Bored Panda contacted Ieva Zu, who runs the London-based fashion business consultancy firm Fashion Bloc, and asked what she thinks of quarantine fashion couture. It turns out she’s supportive of the idea. “I find the #homecouture highly entertaining and creative and will probably try it myself one of those dull days at home.”
Ieva believes that couture is art, and if you look at it that way, anyone is welcome to interpret art however they like. “Fashion is always about emotions, and only after about everything else; thus I have seen plentiful examples of good humor in the face of the epidemic.”
Such humorous examples offer a relief amid the current crisis in the industry. “The fashion world has been critically affected by Covid-19. It’s highly dependent on supply chains, often multi-regional, which makes it complicated to function as before,” Ieva explains.
Consequently, the fashion system is currently slowing down. Ieva believes that it’s time to “re-think the industry’s old-school seasonal fashion model and that should pay off eventually.” But the fashion consultant remains positive: “We have seen how the fashion industry can unite in the face of global challenges.” At the end of the day, behind every brand, fashion house, and designer, there are people who, just like you and me, are trying to make things work.
