Besides the obvious impact on human life, it is now well understood that the COVID- 19 pandemic is going to have a massive impact on global economy. It is not yet clear whether this pandemic will lead to a full- blown recession or merely a short- term blip. One possibility is wholesale Darwinism, where only the toughest survive, and all others are forced to close shop. Global travellers could humbly be reduced to being local shoppers. There may be shows, but no live audiences. Digital marketing will grow increasingly important in such a scenario. There could be further consolidation in the fashion industry thanks to the increased feasibility of acquisitions. There are some immediate concerns for the apparels and fashion industry. An immediate review has to be done on 2020’s inventory, based upon which the 2021 collections could be worked out. Demand planning too needs a rewind. A likewise detailed business analysis needs to be made on the existing supply chain. It will need further digitization as well. For the longer- term considerations, competencies need to be honed in that will aim at transformation and resilience. Shifts in consumer behaviour and sentiment will need deeper study.

Source:https://www.mckinsey.com/industries/retail/our-insights/a-perspective-for-the-luxury-goods-industry-during-and-after-coronavirus?cid=other-eml-alt-mip-mck&hlkid=c48ca3bd4e2340d780d493c0e2655ab1&hctky=2657824&hdpid=649460ac-0c5c-4d9e-b0d7-84451468d33c

Uploaded Date:28 April 2020