The apparel industry has constantly evolved with the rapidly changing fashion trends. The advent of various modern technologies has transformed the global outlook toward the apparel manufacturing, advertising, designing and also the manufacturing of fashion accessories (which comprise a substantial share of apparel industry). Due to the exposure to the use of the internet, consumers these days are more informed and educated about fashion trends, such that, a single click can directly link to the world of fashion trends without any geographical boundaries. This has particularly gained traction with the rising e-commerce trends further coupled with the cross-border sales of fashion accessories. However, the outbreak of coronavirus has specifically jolted down the cross-border sales of fashion accessories. Moreover, the local production in the textiles has come to a halt tipping the apparel industry growth.
Growing Inclination Toward In-Line Fashion Trends & the Advent of Smart Fabrics Kept the Pace of Apparel Industry (Pre COVID-19):
Urbanization has proved to be one of the factors catalyzing the modern lifestyle which has pushed masses to focus on well-being and appearance, thus more and more individuals are opting for apparel. An increasing obsession with good looks and thus the resulting inclination toward matching the fashion trends; rising disposable income; and the availability of various trendy in-line apparels are the major aspects that have played an imperative role in the increased spending on the apparels. The advent of smart fabrics that include material sciences and nanotechnologies in it was upkeeping a fair market growth before the virus outbreak. Smart fabrics are broadly accepted across various sectors including the fashion, entertainment, medical, transport, military, fitness, and sports. For instance, Ralph Lauren offers advanced technology-based tennis shirts that are capable of monitoring breathing, heart rate, and stress levels of the players.
However, the outbreak of the coronavirus has impacted the growth of the market. Since the outbreak of pandemic Coronavirus/COVID-19, industries have been witnessing a sharp downfall. The postponements and cancellations of many events- Chanel’s Beijing cruise show, the entirety of Shanghai Fashion Week to name a few, also turned out to be a major downfall in the apparel industry globally. Despite such huge losses, the priority is to take all the measures to combat the lethal disease. This crisis across the globe has forced people to stay at home, which resulted in increased time for spending online. This, in turn, has created some hope for the online sales of apparels; however, the cross border sales are still not entertained due to the risk of viral transmission.
The pandemic has affected the sales and revenue generation of the companies, due to the closure their stores all across the globe. The major fashion apparel brands like Nike and Uniqlo have temporarily shut down their store and operations all across China and other regions including the US and India. Several fashion events that were scheduled are now canceled, which include: Chanel’s Beijing cruise show, the entirety of Shanghai Fashion Week, Kingpins Hong Kong, among others. These were scheduled to begin on March 26, but are all canceled amid coronavirus. In the end of March 2020, TJX Companies Inc. closed all of its stores including its online business, distribution centers, and offices in the US, Canada, Europe, and Australia for two weeks. The retail giants announced to shut all their stores across the US, Canada, Australia, New Zealand, and Western Europe for preventing the further transmission of the disease.
