23 June 2021 - 15:40It was often said in the past year that old systemic global inequalities were magnified by the Covid-19 pandemic and the effect of the lockdowns around the world. The dysfunction of political and socioeconomic systems we had come to accept as ever-present features of society could be ignored no longer. We had to act differently to create a different future.
The entire value chain, which includes the design, manufacturing, distribution, marketing, retailing, advertising, and promotion of all types of apparel, was severely affected by the pandemic. According to McKinsey’s The State of Fashion 2021 report, the industry lost about 93% of its economic profits in 2020. GlobalData puts this at about $297bn.
A November 2020 Circular Fashion Report compiled by a group of academics and industry leaders suggested that the potential value of fashion’s circular economy could be as much as $5-trillion globally. To benefit from and leverage this opportunity, we need to consider how to create structures and mechanisms.
These were important lessons in a time of unprecedented crisis. As SA rolls out vaccines, it seems we may soon be past the worst of the pandemic. This presents a ray of hope for the events and entertainment sectors, and with this the high-end fashion industry. Vaccinations mean the opening of sectors of the economy that have been severely restricted for the past year. It also means the opening of borders, travel and international fashion shows.
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