From the day the outbreak of coronavirus takes place, it is disturbing things a lot around. Not only the IT sector but other factors as well as having a great impact.
Recently the British fashion Council chairman Stephaine Phair came up with news and told CNBC that there is a threat of job losses across the UK fashion industry as well.
Due to this coronavirus pandemic, things have been changed to an extent that is just unpredictable.
Moreover, she also mentions that it is incredibly concerning how the fashion industry is affecting day by day.
The coronavirus crisis hit the fashion demand hard, and now all the retailers are announcing large-scale job losses as well.
Some businesses have completely shut down and some businesses are looking forward to engaging with other businesses as well.
Certain researchers at Oxford economics have been going on and come up with the fact that 350000 positions got affected in the industry widely.
Moving ahead, the forecasting company also mentioned that it has been increasing with the industries’ contribution to the GDP of the UK.
It could fall to £26.2 billion in 2020, and it was down from £35 million in 2019. This year the revenues had been dropped to £88 billion from £118 billion in 2019.
When there was a conversation that happened during the London Fashion Week September 2020, see also mentioned that the fashion industry was responsible for around 900,000 jobs. It is quite a big number. Now everyone is facing a crisis.
Moving ahead in the conversation, she also mentions that whether it is business rate relief or funding and loans that are going to deal with cash flow issues.
There are sorts of things we are talking to the government about because it is important for a significant portion of the UK employed population.
She is so concerned about everyone around. Apart from the fact that covid-19 has a significant impact on the industry.
She believed that there would be going to a new opportunity to reset for all the designer businesses to think about how they will come up with better foundations in front.
London Fashion Week:
London fashion week was the first digital event this year, and the first physical presentations are the coronavirus outbreak.
It was held under all the guidelines issued by the government by keeping the covid-19 into consideration.
When certain things were asked, everyone was expecting different answers.
But there was an expected drop in the number of international buyers, which clearly have an impact on sales.
She also mentioned to CNBC that the British fashion Council is hoping that Technology will help them to solve some of these gaps.
But unfortunately, things are not working as they are expecting.
All the designers are typically selling between 150 to 200 million in it at fashion week itself, and it has an impact as well.
But these days, they are working with technology, and they can partner with a company which allows them to place the order online so that they can do that through Fashion Week as well.
Now they are expecting how things will be going to change after this pandemic situation.
She also mentions that the chief Custom Officer at Farfetch, the luxury E-Commerce platform said that covid-19 accelerated a lot of conversation that might happen before it.
But now there are certain questions about which a person can have a debate as well and come up with better results.
Moreover, the designer sectors have a great impact, and High Street will be going to adapt this to new reality even more creatively. This will be going to be something in which the British fashion industry can trust.
Innovation, creativity, and resilience have always become one of the Hallmark of this industry, and now the time has come to keep it forward.
She also mentioned that they are looking forward to keeping the steps that let them maintain a place that can help them to get rid of it.
During the interview, she also mentioned that she believed there would be a role for the High Street and where the fashion industry at all price points will be going to stand.
But sustainability is the key that will help them to reconnect with the customers.
There must be a whole sustainability angle to this so that high speed can understand that they can create a product at a good price point.
But by keeping sustainability in the mind, there will be a solution to get the back of the consumer and help them to get the things easily.
The British Fashion Council also mentioned that they would be going to continue to address issues regarding diversity and inclusion across the industry so that things will have come into consideration, and people will be able to understand the efforts and take the steps accordingly.