may speed up some of these shopper shifts, such as a growing antipathy toward waste-producing business fashions and heightened expectations for purpose-pushed, sustainable action. Even earlier than the coronavirus disrupted monetary markets, upended supply chains, and crushed shopper demand throughout the global economy, fashion-industry leaders were not optimistic about 2020. The trade was already on high alert, and executives expressed pessimism throughout all geographies and value factors in our annual report, The State of Fashion 2020, launched late last yr. But quick-forward a few months, and fashion’s outlook has gotten dramatically and suddenly bleaker. At the same time, government interventions will partially offset economic impacts, and global travel will decide up, alongside the potential for bigger social gatherings.

Perhaps unsurprisingly, 67 p.c of executives mentioned situations for the style industry have worsened over the previous 12 months. This has a profound impact as purchase choices are influenced by social media, …

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