It is apparent that the fashion industry is just at the beginning of its struggle. Though the duration and ultimate severity of the pandemic remains unknown, it is apparent that the fashion industry is just at the beginning of its struggle. Both supply and demand are affected by the pandemic, causing a storm for the industry: a highly integrated global supply chain means companies have been under immense strain as they tried to manage crises on multiple fronts as lockdowns were imposed in rapid succession halting manufacturing in China first, then Italy, followed by countries elsewhere around the world.

 A freeze on spending is aggravating the supply-side crisis. Even online sales have declined 5 to 20 percent across Europe, 30 to 40 percent in the US and 15 to 25 percent in China. The coronavirus also presents fashion with a chance to reset and completely reshape the industry’s value chain. The coronavirus presents the fashion industry with a chance to reset and completely reshape the industry’s value chain. It’s expected that themes of digital acceleration, discounting, industry consolidation and corporate innovation will be prioritised once the immediate crisis subsides.

This will also be a time for collaboration within the industry — even between competing organisations. No company will get through the pandemic alone, and fashion players need to share data, strategies and insights on how to navigate the storm. Brands, suppliers, contractors and landlords should also find ways to share the burden.