The fashion Industry is one of the biggest industries in the globe, with an estimate of profits of 2.4 trillion Dollars.
1 out of 6 people work in this industry.
From the start of the corona virus it was hit hard.
The fashion Industry includes clothes, shoes, and bags, multiple accessories like belts, scarves, jewellery, make-up and cosmetics, perfumes, hair styles.
Designers and artist collaborate to create new collections and lines.
The fashion Industry today is a Worldwide and highly globalized Industry with clothes designed in a country, manufactured in another and sold in another country.
The fashion Industry has four levels of production - these being :
· Raw materials such as fabric, textiles leather and fur.
· Fashion goods by designers manufactures constructors and others.
· Retail and shops.
· Advertising and promotion.
At the production level most fashion houses use textiles and manufactures in China, India and other eastern and African counties as they are cheaper than in Europe and America.
With the rising corona virus pandemic a lot of Chinese factories had been forced to close their doors, which has caused the a domino effect into the day to day life of the average consumer as this has impacted all aspects of the delivery chain in terms of fashion production. With limited products in store retails and sales declined.
Fashion designers could not show their designed clothes on the catwalks of fashion shows or in the fashion weeks that where scheduled these past months and for the future months as they are all cancelled. This also affected models and fashion photographers due to quarantine restriction as no one is allowed to gather anywhere, this results in less advertisement for the fashion houses which again shows a drastic decrease in sales
Many famous fashion magazines are also in crises as they have no new products, articles and images for their issues. The Fashion magazines, where the principal marketing tools that promoted the fashion industry.
The Fashion Industry sales forecast for 2020 were looking good in the first few months but with the outbreak of the corona virus the sales have gone to almost zero, it affected big and small Brands. With no products, nobody to retail the products, companies closed and local fabric manufactures charging double, the Global Fashion Industries are facing a night mare.
Retails were losing a bit of their sales before these corona virus crises, due to e-commerce with fast fashion industries online gathering growth. This fast fashion industry is also facing difficulties and are giving discounts from 30% to 70% on varies products, sales out of season to sale what they have left on line, as production is closed.
In Italy Giorgio Armani has donated 1.25 million Euros to hospital and institutions and Versace made contributions of about 144 thousand dollars to the Chinese Red Cross foundation. As like
many other Industries worldwide Fashion Industries will take a lot of time to start and get back to normality as the it is not known when the corona virus crisis will end.