Pandemic in Fashion
Walking down the ramp of a new world
News Desk, News Nation 360: Fashion is the art of integration of multifarious interests and expectations into textile expressions based on aesthetics, utility and economy. In recent times, the fashion industry has proved to be an effective instrument for global development, with consistent growth and boom of online shopping, boasting of generating 2.5 trillion dollars in global annual reserves. India’s textiles industry contributed 7% of the industry output (in value terms), 2% to the GDP, 15% to India’s export earnings and employed more than 4.5 crore people including 35.22 lakh handloom workers in FY19. The domestic textiles and apparel market stood at an estimated US$ 100 billion in FY19. Until the start of the pandemic, the sales forecast for 2020 looked promising. Unfortunately, the year 2020 has become synonymous with the Covid-19 the pandemic
that has had disastrous repercussions on all sectors of the worldwide economy. However, the fashion industry owing to its ‘non-essential’, luxurious and discretionary nature, is more vulnerable and is likely to bear a more grave and severe brunt. The average market capitalisation of apparel and fashion dropped almost 40% between the start of January and 24 March 2020. It is estimated that revenues for the global fashion industry will contract by 27% to 30% in 2020, and a large number of fashion companies will face the likely possibility of bankruptcy in the coming 12 to 18 months. CII-IWN is organising a Session on Walking down the Ramp: Fashion for a New World in August to focus on engaging and deliberating upon the related concerns of Luxury Fashion: The challenges of a New World; Sustainable Fashion: Recalibrating livelihood in the fashion value chain and Is online shopping the New Normal and Haute Couture: the challenges of a new world. Stakeholders of the sector are staying positive and brainstorming to find new tools and new strategies across the value chain to future-proof their commercial models in order to cope with new restrictions, mitigate the damaging impacts and adapt to economic and consumer shifts to keep their businesses afloat. From wardrobe changes, handling their inventory to online fashion, the industry is ready to take on the challenges hurled by the pandemic. Moderator Roopa Mehta, CEO & Co-Founder, SASHA, Boutique owners Malavika Banerjee, BYLOOM Sujata Biswas, SUTA Kajal, THE CHALK BOUTIQUE/ BUNKARI, Retailers – PANTALOONS/ WESTSIDE/ MAX and Artisans/ artisan handlers – BISWA BANGLA/FABINDIA delivered their ideas.
Report : Anustup Kundu