This 350-Year-Old Company Could Be The Blueprint For The Future Of Fashion Industry
Back in January, before the rest of the world started taking COVID-19 seriously, Alessandro Barberis Canonico had already felt the storm coming with many clients from China, South Korea, and Japan cancelling or postponing their orders. As infection cases rose in Italy, his company, Vitale Barberis Canonico, an iconic fabric mill located in the northern part of the Biella region, followed the government’s recommendations and closed down its factories. This was one of the rare occasions in the company’s 350 years of existence where workers were sent home and all activity was stopped. As an immediate response to the health crisis, global lockdowns, and the economic downturn many fashion brands postponed launching new collections and outright cancelled orders from suppliers. For Vitale Barberis Canonico that resulted in a loss of nearly 40-50% of all their orders. This story repeats itself all over the industry and according to research by Bain & Company, the luxury fashion market is expected to contract by 25-30% by the end of the year. Read more at Forbes.
