Since the corona effect on the fashion industry reveals flaws in the global economy

Since the corona effect on the fashion industry reveals flaws in the global economy

After the outbreak of the Chinese designers crown, buyers and other industry insiders forced Fashion Week in Milan in late February, the National Chamber of Italian Fashion and the National Chamber of Italian Fashion, jumping launched a campaign to show solidarity, “China, we we are with you “slogan provided proved prophetic. by the end of Fashion Week, models was facing Italy and a debut Crown’s usually busy streets were eerily empty of Milan. Instagram selfies posted in masks, fashion magazines have asked their employees to work from home, and Giorgio Armani held the Autumn / Winter 2020/2021 fashion show of his women in an empty theater. the onset of the crown is probably a nightmare for Italy will be $100 billion over the fashion industry, says Carlo Capasa, the head of the National Chamber of Italian Fashion. fashion -Unternehmen the country expect a strong start in 2020, but now fighting mer t supply chain problems and weak demand, especially in China, to address the heart of the crown outbreak. “Of course, we think that the first six months of 2020 to go wrong,” says Capasa. What happens with the Italian fashion industry is likely to preview the effects of the crown in the world economy in general. Companies in a wide range of industries that depend on China as both a production and giant billion-plus consumer market. But, as life in some parts of the country he comes to a standstill near the front of the outbreak that trust appears more and more as a weakness. Like many other industries has become the fashion world has long embraced China as a source of production at low cost – the country is by far the largest producer of textile products all over the world, and produces many of the other elements that go the buttons clothes Theme hinges. “The vast majority of some products are made only in China,” says Gary A. Wassner, Hildun Corporation CEO and President of Interluxe. “We were very dependent, and we were allowed to happen, because it was less expensive, but that is not taking into account the only thing.” This dependence is proving to be catastrophic. As workers in China, the crown is at home amid fears of the spread takes place, which causes delays in the production supply chain. These delays are particularly problematic in the fashion industry, because the clothes are sold in the year, experts say. Companies that raw materials such as the late textile products should write or charge manufacturers for delays. Wassner adds that companies that only “its own brand” to sell or the signature may be particularly vulnerable, because it will be harder for them to change supplier. The business of fast fashion oriented trend will be in danger, says Margaret Bishop, an expert in garment and textile supply chains. “The timeline from design to delivery quickly has been very significantly compressed, so there is not much time, if there is a delay of some sort, has built a certain amount of leeway get,” he says. Sign up for our daily newsletter crown by clicking on this link, and send any tips, leads and [email protected] stories. influence society fashion issues of the supply chain, also covering other areas that depend on Chinese production, like car and technology. Pierre Haren, CEO says Fintech link causality start-up consumers can see less variety on early shelves starting as companies focus their available production itself could on products that they already know to be best-sellers, and says the shortages as early as mid-March. The fashion industry and other industries are facing major challenges from the other end of the production chain: consumer demand. Pauline Brown, the former president of North America at LVMH, says the luxury market began already a “pretty heavy” effect caused by the virus to see, especially because the Chinese buyers purchasing big-ticket in cities like New York to quit to travel and Paris. become as consumers focus on their health Brown says that they are less likely to buy luxury goods. “The Chinese have the biggest driver of luxury and fashion in the last 10 years,” says Brown. “They comprise about a third of all luxury purchases, but they are more than 70% of annual growth in luxury consumption. So there is a disproportionate confidence for several years in this consumer.” Fashion companies who were healthy enough first crown onset is likely to recover from any disturbance, says Brown. But she believes that companies were struggling already find it difficult to recover – and that is probably in other areas, is considered for business. “Consumers are very forgiving,” he says. “As they say, you know, when the tide goes out, you can see the naked, and the tide is going to go anyway.” Image
Copyright Barcroft Media via Getty paintings- © Valeria Ferraro / wire Echoes / Barcroft Studios / Future Publishing

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