The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The author has shared a YouTube video.
You will need to accept and consent to the use of cookies and similar technologies by our third-party partners (including: YouTube, Instagram or Twitter), in order to view embedded content in this article and others you may visit in future.
LONDON, United Kingdom — With much of the fashion industry facing an existential crisis, BoF has worked with McKinsey & Company to compile The State of Fashion 2020: Coronavirus Update in line with what has become the new normal.
The coronavirus, which has caused nationwide lockdowns, store closures and widespread unemployment, is causing "disruption and dislocation," said Imran Amed in conversation with McKinsey's Achim Berg in this #BoFLIVE event. "But it is also important to underscore that there are opportunities that come out of this situation."
Amed and Berg stress that the fashion sector will not return to a pre-pandemic normal. Store closures have led to huge drops in consumption and financial uncertainty is causing consumers to cut back on their spending. This, combined with disrupted supply chains and inventory misalignment, will hit the industry very hard. Even if demand comes back, it will be difficult for brands to deliver.
But the crisis is not specific to just one market or geography, Amed said. Across the globe consumer sentiment has taken a huge hit. “When consumers are thinking about survival — protecting themselves and their families — fashion has in many respects taken a backseat in their shared mind,” Amed said.
ADVERTISEMENT
In the Coronavirus Update to the The State of Fashion 2020, Amed and Berg lay out five key themes on which fashion leaders and industry insiders should focus once the dust settles.
“Make changes to the way you work and make changes to the way you lead your organisations,” said Berg. “This is a great opportunity [for change].”
To participate in #BoFLive, BoF’s digital events series offering insight, advice and inspiration, visit our calendar where you can find details of upcoming digital events.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.