Fashion Law Journal
Do you know that there are around 10 themes which define the business of fashion, as the world recovers from the Covid-19 Pandemic?
They are divided on the basis of 3 categories:
- Global Economy
- Consumer Shifts
- Fashion System
- Living with the virus- The pandemic had disrupted the trade and behavior of consumers. There should be focus on flexibility and decision making to meet the changing requirements and innovation.
- Diminished Demand- Demand is less likely to return to the levels it was before, so companies need to seize and double down on outputs.
- Digital Sprint-There were opportunities for livestreaming, virtual customer service and online shopping, so the people in the industry must optimize the online experience while integrating the human touch.
- Seeking Justice- Companies as well as consumers are aware of the plight of workers working in the fashion industry, so more security, dignity and justice should be offered to the employees.
- Travel Interrupted- Since the international tourism was on break, the industry needs to engage better with customers locally and open doors to new opportunities.
- Less is more-It is highlighted that more products may not necessarily imply more profits. The industry should focus on reducing inventory levels by taking a demand focused approach.
- Opportunistic Investment-The gap between various companies widened but they should work on tapping the best opportunity to grow.
- Deeper Partnership- The future supply chain disruptions need to be mitigated to bring deeper partnerships which lead to great accountability.
- Retail ROI- Store closures could still continue which will compel fashion players to rethink retail to improve store level ROI.
Work Revolution- A new model for work could emerge which includes a blended system
Author: Srijaa Grover
First-year student of Law, pursuing BBA-LLB from Vivekananda Institute of Professional Studies, Ggsipu, Delhi. She has varied interests and has a multi-faceted persona. She intends to discover new opportunities and wants to explore corporate and criminal law.
