Fashion, is a topic that draws the attention of every person anywhere and anytime. The way we dress says a great deal more about us than many people realise. ‘What you wear is like a statement to the world’ . The fashion industry in Covid-19 has faced never seen before challenges.
A lot of us have been spending the past months wearing nothing, but our pajamas and comfy clothes during lockdown around the world.
But have you ever thought how the Fashion Industry is facing this COVID-19 pandemic?
Apart from the devastating human cost, commerce is also feeling deep impacts of COVID-19. Indian textile and cloth industry forms nearly 4% of the global market. Within the Indian economy, the industry accounts for approx 7% of industrial output, 2% of the GDP and 15% of the country’s export earning. The demand for Apparel products abroad and domestic have come down to a severe halt due to this outbreak.
“They did know:
There’s clouds at the end of the horizon but they clearly didn’t expect a storm like a comet”.
Consequences of COVID-19 on Indian Fashion Industry:
- Demand forces–
- Lost sales due to closing of stores: Due to imposed lockdown, all sorts of apparel related factories and stores have been closed leading to financial distress.
- Consumer sentiment: Consumers had to control their expenses and avoid public places for safety and health purposes. As fashion products are not a must for survival, many people chose not to buy them.
- Major Events cancellation: A number of weddings, high profile events, have been canceled indefinitely or those scheduled are happening in a very simple way. Due to which people’s reasons to shop have been reduced which has ultimately hit the fashion space hard.
- Digital mode (shift to E-commerce): Companies likely to shift due to quarantine as customers will get used to online shopping, but still people are not in a position to accept delivery.
- Supply Forces:
- Disrupted Supply chains: The interconnection of the industry has been disrupted due to cancelling of orders, suspension of manufacturing and closed stores.
- Labour crisis: Clothes made by the hard work of labour are lying on docks in containers, not going anywhere. On the other hand, unemployment is very high and workers are running here and there amid hunger and despair.
- Discount mindset: Inventories are faced with piled up Spring/Summer stocks and are planning to get rid off with additional discounts.
On the other hand ,we can also witness how few brand stores and designers are speculating to wonder new opportunities in this epidemic scenario. A lot of transitions can be seen in the past 4 months from making kurtis, designer dress to making fashionable safety face masks, perfumes, hand sanitizers and focusing more on ‘what is driving to the new Normal’.
While others are still coping with the situation and focusing to hold steady and carry on until the dust settles.