McKinsey Issues Dismal Post-Pandemic Forecast For The $2.5 Trillion Fashion Industry
The $2.5 trillion fashion industry will suffer double-digit losses for 2020, a recessionary market and a landscape undergoing dramatic transformation that will have repercussions from the boardrooms of world class luxury brands to the textile workers in developing countries as a result of the coronavirus pandemic. A report by McKinsey & Company and the publication, Business of Fashion, describe the unforeseeable humanitarian and financial crisis as a “black swan” event that “has disrupted financial markets, upended supply chains, and crushed consumer demand across the global economy.” While the pandemic is expected to hit business sectors ranging from finance to hospitality, “The State of Fashion 2020 Coronavirus Update,” says fashion is particularly vulnerable because of its discretionary nature. The report, an update of the same report released in November, 2019, provides a projection of what the fashion industry will look like during the 12-to-18-month period following the end of global pandemic. Read more at Forbes.
