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Has Corona’s impact on the fashion industry reached its utmost?

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Fashion industry is one of the biggest globalised sectors which has been hit by corona virus in the latest days. In February , chinese fashion designers,buyers and other industry insiders skipped Milan’s Fashion Week, one of the most prestigious fashion show in the world. As notified by the head of National Chamber of Italian Fashion, Carlo Capsa, Italy faced a downfall of $100 billion plus in fashion industry. This year’s Met Gala 2020 which has to be held on 4 may has been postponed but no later date has been given. Fast-Fashion retailer ‘PRIMARK’ has closed its UK stores, following closures everywhere in the world and cancelled all future orders.

In the repulsive information ,there’s also a glimpse of great news  . Textile factories in China have begun to reopen. Prada, that is one of the biggest fashion brands which focuses on making elegant blazers and blouses is now making 110000 masks by 6 april. Zara pledged to produce  surgical masking. The famous and one of the most cherished brands of the young youth, H&M will be producing protective equipment for hospital and healthcare workers.

fashion-industry
source: textiletoday

Other than the impacts of corona virus on fashion world, there is some latest general fashion  related data. LVMH ( Louis Vuitton Moet Hennessy) buys Tiffany in $16 billion deal. It is said that the notable settlement with the Italian revenue agency that was relating to Gucci and swiss subsidiary international SA feels the requirement of French group to pay 897 million euros in the form of additional taxes , along with penalties as well interest of 1.25 billion euros.

The fashion world has also fallen down due to current circumstances like other businesses but it also rises like no other!

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