SARS-CoV-2 or coronavirus as we call it has taken over the world, quite literally. Over the course of over four months now, the virus has changed our economy, our environment, but most importantly our health. The virus has impacted fashion in more ways we could imagine, here are the 10 ways the coronavirus is affecting our fashion industry.
1. People are being laid off in the retail sector in order to potentially save money.
2. Some stores are closed for now, others will be closed forever as the stream of incoming finance drops down to a close zero.
3. Factories are struggling to produce fashion, China and Italy have been hit the hardest, they are also the two major countries for leather and cotton production in the world.
4. More and more people will be spending their money on clothes through online shopping, however, it’s unclear whether or not this will uphold as the financial market is plummeting.
5. A multitude of fashion weeks have been cancelled, the virus has already been around for nearly four months, which means that we are nowhere near the end of this pandemic, unfortunately.
6. Brands are changing their production to help fight the virus, LVMH is now creating hand sanitisers through their production facilities.
7. Brands are selling out luxury facemasks in record time.
8. The gap between luxury legends and up and coming brands are becoming more narrow as stocks are dropping at 5% overnight.
9. A wave of bankruptcy will follow, regardless. The lack of financial support will hit up-and-coming brands the hardest.
10. As fashion magazine typhoons like Conde Nast are urging their employees to work from home, the reduced streamline of content is prevalent on a multitude of magazines as editors and journalists are forced to work from their home and not out in the fashion field.