An overview of the fashion industry’s resilience worldwide as the international fashion markets open up across the world, including a report dedicated to the fashion industry, and top markets of USA, UK, China, Italy and India – on how they plan to secure a more sustainable future.
Intertek Group plc (‘Intertek’), a Total Quality Assurance provider to industries worldwide, recently hosted a virtual ‘Future of Fashion’ event, bringing together the fashion trade industry’s most influential commentators for the very first time to discuss major trends that are set to re-shape the fashion sector in a post-Covid-19 world, as part of a unique virtual collaboration.
Presented by Intertek’s Maison Centre of Excellence for Luxury ahead of its official opening in 2021, the event showcases the perspective of leading trends forecaster David Shah (Industry thought-leader and CEO at Metropolitan Publishing BV) as well as the editors of major textile supply chain publications.
The pandemic has accelerated a shift in attitudes, with consumers paying more attention than ever to the safety and quality and sustainability of materials used in fashion and accessories, and the risks associated with local and global supply chains.
André Lacroix, CEO Intertek, said: “With Covid-19 magnifying the focus on health, safety and well-being and ushering in different ways of working for everyone, all industries have been forced to adapt to changing consumer preferences and tastes, including the global premium and luxury fashion sector. With the premium and luxury fashion industry undergoing profound shifts at an even faster pace, the need for creative solutions underpinned by research, design and quality assurance expertise has never been more relevant.”
We need to accept that the pandemic and the damage caused by it has not necessarily changed the world, rather it has accelerated trends that were already shaping business. When it comes to deglobalisation, companies have been busy lowering their exposure to countries that carry high geopolitical or health risks for some time.
We have been talking about data for many years now and the period has only forced the industry to fast forward to adopting the same into its practices. Anything that promises to reduce stock and minimise risk has to be a plus.
The virus has also opened the door to a robotic army and the post-Coronavirus workforce could look quite different. Economic downturns have a habit of spurring automation.
The fashion sector is expected to contract by 27-30 per cent this year, according to the State of Fashion 2020 Coronavirus Update report by the Business of Fashion and McKinsey & Company.
David R Shah, Publisher and CEO at Metropolitan Publishing BV, said: “The pandemic has clearly accelerated trends that were emerging, and by 2022, we think the world will be much the same but, hopefully, with some significant changes. We will definitely care more about environmental policy and climate change; we will have to listen harder to the demands of the youth whose futures have been affected by the pandemic; and we will all have to learn to make do with less. The world of fashion will be playing a major part in all of this.”