A look inside the Fashion Industry: COVID19 Edition
“Unprecedented” is the word used to describe the year 2020. In all aspects of life, everything has changed so drastically, and there is no manual on what to do. It seems that we will all have to change the way we do life and create a new normal. The human race has experienced so much loss in the past year that it seems we can never get back to the way things were before COVID struck.
In my opinion, the Fashion Industry has suffered a big loss. In the US, “fashion is a $400 billion driving force of the US economy employing 4 million people, not including retail jobs”, said by Tom Ford, Chairman of the Board of the CFDA.
The money lost will not be a quick fix, meaning that no amount of sale will help this issue of money loss. The majority of people are worried about feeding their families, keeping their jobs, paying bills, and staying healthy. The consumer mindset is focused on buying essentials, which is not high-priced, fashionable clothing. With this all being said, Luxury Retail has been hit hard. The CFDA and many other fashion organizations have written a letter voicing their concerns to White House expressing the harm that is caused by the social distancing and stay-at-home rule. The letter goes on to ask for policymakers to create proposals that help all retailers to stay afloat.
Companies have to figure out how to pay their employees, and designers like Brandon Maxwell’s “main focus through all of this is going to be [his] team and keeping everyone employed, number one, and making sure everyone is feeling healthy, mentally and physically”.
It takes a lot of hard work to become recognized as a legitimate designer in the fashion industry. Many new designers who just started to get recognized before COVID, have had to close down their stand-alone stores, or completely stop designing because they cannot pay their employees.
Department stores have been struggling for the past couple of years, but will COVID19 be the end of department chains?
Department chains are certainly the most vulnerable during this pandemic, because they were struggling before COVID19 struck. As shopping started to move online, slowly department stores saw less and less sales. They never reinvented their value as a modern way to shop after the decline began. Before COVID19, numerous brick-and-mortar retail stores have closed due to the empty malls and no foot traffic, like Sears, Macy’s, Bloomingdales, and J-Crew. Barney’s closed down completely before the pandemic hit. Now more than ever, department stores are left empty with no way  of revenue coming in. Many major department stores are filing for bankruptcy like JCPenney, Neiman Marcus, and Nordstrom, which was not only caused by the downfall of malls and department stores, but also the crippling effects of COVID19.
I think after this pandemic ends…
The malls that do survive will need to decide whether they want to invest million of dollars to create a complete lifestyle shopping experience with businesses like yoga studios, brewery companies, outdoor eateries, and ways to stay active like attaching the mall to a walking trail or a belt-line in the city. Fashion is becoming about the whole experience instead of the actual purchasing of the items. The customer wants to feel inspired when doing their shopping and get more out of their experience.
How will the consumer’s mindset shift after the pandemic ends? What type of fashion will the consumer want? Will they want to go out and shop or stay in the comfort of their own home? Will they want luxury or athleisure?
These are the magic questions that companies are racing to find out. There is no way of knowing right now what the consumer’s mindset is right now. When tragedy strikes, spending money is the first thing people reconsider. Especially, spending money on fashionable clothing. Once stay-at-home orders are lifted, are people going to flood the shopping centers or be afraid to get out. Since fashion weeks are cancelled all throughout the globe, how are we supposed to know the trend projection? There is a call to make some serious changes to the fashion industry. Prabal Gurung believes that “retailers, designers—everyone needs to work together to find pragmatic solutions. How do we come together? this situation will not be fixed by a sale”. He says “I have a board at home where I’ve outlined immediate issues, a middle section and long-term problems. I then have a space for potential solutions. In these challenging times I think we must slow down, and think about innovation”. Designers have to think about these sort of ideas to try to navigate their brand during these uncertain times.
Mental Health also comes into play when considering the future of this industry. Designers must consider the mental health of their customer, their employees and themselves. We need to band together as an industry and support each other. Fashion might not be essential, but I believe it is so much more than just trendy clothes. Fashion is a form of art that can help people express themselves. Designers have a chance to design to make a difference, and to change the world’s mentality.
