Fashion industry reels as coronavirus shuts shops and cancels orders

Report warns 80% of firms face a highly uncertain future if stores close for two months

The coronavirus pandemic has plunged the $2.5tn (£2bn) global fashion industry into crisis with a “significant number” of firms expected to go bust in the next 18 months, putting millions of jobs at risk.

Global fashion sales are predicted to fall by up to 30% in 2020 and the luxury end of the market will be even harder hit, with sales slumping by up to 40%, according to a bleak new report by The Business of Fashion (BoF) and consultants McKinsey.

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from Fashion | The Guardian https://ift.tt/3e7bnRQ
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