COVID-19 and the fashion industry

The global spread of the coronavirus is continuously impacting the fashion industry and as the pandemic spreads, so does its impact.

Many of the fashion capitals of the world have been experiencing the highest number of cases and are on partial or total lockdown in an effort to contain the virus.

The virus is increasingly having a negative impact on the fashion industry. In the midst of the fall 2020 fashion month season, it escalated which resulted in many brands and fashion houses postponing their upcoming runway shows and shutting their shop doors. As spoken about in one of my previous blog posts even major events such as the Met Gala and award shows have been postponed.

Major retailers and brands have had to close until further notice meaning they are having to furlough employees and some are even losing their jobs for good. Many fashion and beauty companies are facing financial repercussions due to the virus’ effect on production and consumption, for example, the fast-fashion retailer reported a 46 percent decline in sales during Marchand stated that second-quarter profit will also see a decline. The retailer has closed 3,788 of its 5,065 stores in the U.S. and Europe since March 31 because of the pandemic. Online shopping has become the only way to buy goods but at this time they are not in high demand but several retailers, including Net-a-Porter, Victoria’s Secret, Pink, and TJX, have also closed their e-commerce sites temporarily. As with fashion shows, many fashion weeks have been postponed, canceled or have gone virtual to fit in with the catastrophe.

As the virus continues to spread, a number of high-profile individuals have tested positive for COVID-19. Footwear designer, Sergio Rossi, passed away from the virus in Italy on April 3. He was 84. On March 11, Tom Hanks and his wife Rita Wilson revealed on Instagram that they tested positive for COVID-19 while working in Australia. Actor Idris Elba revealed on Twitter on March 17 that he tested positive for COVID-19. Prince Charles tested positive for COVID-19 on March 25, making him the second major royal to contract the virus after Prince Albert of Monaco revealed his diagnosis last week. Two days later it was announced that U.K. Prime Minister, Boris Johnson, has also tested positive for the virus.