“Fashion is part of the daily air and it changes all the time, with all the events. You can even see the approaching of a revolution in clothes. You can see and feel everything in clothes.” —Diana Vreeland
The post-COVID-19 customer won’t be an emotional buyer again but a realistic and logical buyer, so how would you position your brand to feed people like that? Furthermore, the fashion industry has been experiencing major changes since the last few decades. In the fast-evolving fashion industry, even the best plans and activities can be failed by economic change and the actions of competitors.
Also In November 2008, Saks sent shockwaves through the fashion industry when it slashed prices by 70 percent in an effort to clear out inventory; competitors like Barneys and Neiman Marcus quickly followed suit, torpedoing their profit margins. “That first generation of direct-to-consumer successes started in the post-recession moment,” says Leo Wang, CEO of Buffy, a one-year-old comforter startup. “They were about value, honesty, transparency of economics, and getting a good deal. All of that felt front-of-mind for consumers.
It is a good time to reset and reshape. It is time to look inward, what local resources can I leverage, where can I source quality fabrics locally, what can possibly be the designer and supply chain revolution -how can I ship my fabrics without travelling? It’s time for us to endure and transform.YES!!! Nevertheless, we can expect business survival to take precedence over profitability in the short term. We need to start now to accept reality and come to a resolve and be resilient.
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