Governments have taken the steps required to curtail the spread of the virus, such as neighborhood quarantines and strict curfews as our own country is currently experiencing. Citizens are discouraged from leaving their homes to participate in activities that are not necessary. Some companies have introduced work-from-home systems for the health and welfare of their workers. But apart from the health threats presented by COVID-19, the economic consequences are looming. In addition, the global effect of losses is projected to be $156 billion.
Further, there is also no indication that we would see a huge interruption to the regular operation of menswear, womenswear and couture fashion shows, which would be highly dangerous to perform under these circumstances. While the coronavirus epidemic threatens to affect many facets of our economy, experts suggest that our rampant consumer culture would be replaced by a timely sense of being, well, satisfied with what you have.
As the world comes to terms with an unforeseen pandemic, if it wants to be apathetic but still, but still, great progress — if it wishes to introduce reform, the fashion industry might allow great harm. The fashion industry is not excluded from economic troubles.
There has been Postponement of runway shows and store openings like the Milan Fashion Week was recently ended, and Paris Fashion Week coincided with the advent of coronavirus, which led to fewer attendees — from customers, reporters, and influencers. According to the World Health Organization, Europe has now become the epicenter of this epidemic. According to Al Jazeera, there are now more than 24,000 cases out of the more than 200 recorded cases during the Milan Fashion Week period (February 18 to February 24). In comparison, France actually has more than 5,000 events. Numerous Resort runway shows, mostly slated for April to May, were either postponed or canceled. These included Prada, Ralph Lauren, and Versace.
Tokyo Fashion Week, Shanghai and Beijing Fashion Weeks, and Sao Paolo Fashion Week were also canceled. However, it was recently reported that Tokyo Fashion Week will be live streaming through the official website. Store openings and major events like the much-anticipated Met Gala were also postponed in light of the pandemic. This is the third time in history that the Costume Institute event has been canceled.
There has also been an injured supply chain; with lockdowns and quarantines, people have taken to staying at home. Zero foot traffic in malls and boutiques are expected to bring sales down, but how the pandemic is affecting the back-end of operations is something overlooked. Some production houses have been ordered to halt operations as a precautionary measure. Gucci is one such brand.
Specifically, the virus is having an increasingly negative impact on the fashion industry, having exploded in the middle of the fall 2020 fashion month season, forcing brands and design houses to close their doors and cancel upcoming runway shows. Significant activities were also postponed indefinitely including the Met Gala and the CFDA Awards. Department stores across the globe have closed their doors including Nordstrom, Neiman Marcus, Macy's, Selfridges and Saks Fifth Avenue. Major retailers and brands are experiencing severe repercussions because of the COVID-19 pandemic, leading many to shutter their doors and manufacturing facilities, furlough their employees and even file for bankruptcy.