Fashion industry sees a decline due to coronavirus, but this could also be an opportunity to revamp trends
As the world battles with the COVID-19 pandemic, fashion industries face a decline in stock and uncertainty of its future. However, could this be a blessing in disguise and give the industry a much-needed update?
Fashion has always been a fast-moving industry with trends and fads lasting for short periods of time. Fashion designers needed to keep up with the fast-changing trends and demands of consumers.
In the midst of the coronavirus pandemic, some believe that this is the best time to slow down and rethink the workings of the fashion industry.
As many industries face the challenge of trying to overcome the effects of the virus, the fashion industry faces the challenge of staying up-to-date. As the seasons change, so does the fashion as they do not repeat the style and trends again. All upcoming fashion shows, runways, and showcases have been canceled due to the virus.
Brands such as Gucci, Prada, Dior, Hermes and many more have called off their fashion shows and have stopped their productions as well. This has affected the stock market drastically.
In an Instagram post, Business of Fashion (BoF), wrote "Don't blame the coronavirus, fashion needed a change a long time ago. Short trends aka fast fashion and too many seasons year going on. They [also] need a change in materials and how much they pay their workers. Fashion needed to slow down and rethink itself a long time ago."
As the Fall 2020 fashion season comes to a halt, causing companies, designers, brands to close down their workings, the production of the next season is stopped in the middle.
Many fashion brands face the challenge of stocking the clothes and items as the world goes under lockdown. They are uncertain of what might happen once everything is back on track. How are they going to keep up with the fashion forecast? What will happen to the piled stocks and the ones in production?
"Considering the current situation and following the guidance of Chinese authorities, Chanel has decided to postpone its project of a replica of the Paris — 31 Rue Cambon 2019/20 Métiers d’Art collection in May in Beijing to a later date and more appropriate moment," the Chanel design house said in a statement according to Women’s Wear Daily (WWD).
"The outbreak of the coronavirus in Mainland China is having a material negative effect on luxury demand. While we cannot currently predict how long this situation will last, we remain confident in our strategy. In the meantime, we are taking mitigating actions and every precaution to help ensure the safety and wellbeing of our employees," said Burberry CEO Marco Gobbetti in a statement.
The fashion industry was already facing the challenges of climate change and animal protection before the coronavirus pandemic hit. Companies needed to find sustainable clothing lines in the midst of climate change.
With keeping up with the fast demands of the industry, BoF believes that they have lost their essence of what made them fashion. This time of the break, it will give fashion designers and brands time to think about the challenges faced by them due to climate change and work on it.
The industry has always been a target of fast fashion, trying to keep up with the demands and hot trends while making the cost cheap. As the awareness of sustainable fashion came in light, authorities, NGOs and consumers are demanding a change of materials into natural materials and longer-lasting fabrics.
The fashion industry was already going through a turmoil before coronavirus, this just gives them an opportunity to work on sustainability and how to keep up with the fads while maintaining sustainability.