Fashion forecasters are expecting innovation and technology to spearheaded change in 2021, with some phases of the supply chain expected to undergo a reboot with other aspects of gradual transformation. Here are 10 reasons why fashion powerhouses must innovate and post a strong rebound.
The global fashion industry is a substantial employment generator and an economic driver. 300 million people earn their livelihoods through this sector that is worth 1.3 trillion dollars.
Covid-19 pandemic is one of the biggest crisis faced by the fashion industry that has impacted its growth and future direction, causing revenue falls of 10-15% in 2020.
The industry must think creatively and should be willing to change. The focus will be on sustainability.
Consumers will be more conscious than before of what they are wearing with safety, sustainability, and environment-friendly being on top of the agenda
The New York fashion industry was on high alert, even pre-pandemic, with consumer demand dwindling.
Global fashion powerhouses were under immense pressure to deliver profits and provide returns on their cost of capital. The struggles have now exasperated.
Fashion conglomerates need to focus on resilience planning as an innovative business model for future growth.
Fashion conglomerates must harness innovation and technology to make progressive and steadfast changes that spearhead their organizations and the industry into a more resilient 2021.