Early 2020, with the worldwide hit of COVID-19, Fashion Industry was impacted badly and heavily than any other pandemic in the recent past and many renowned fashion brands and retailers were suffered with declining of revenue, high debts, high rentals, high inventories leading to P&L losses.
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Impact on Global Brands in Fashion Industry
Some big brands like Victoria Secret was adversely affected and some brands like J.C Penny file for bankruptcy to reduce debt, all due to the shocking pandemic. Nevertheless, with the rise of Chinese market which holds a great percentage of Yarn & textile manufacturing the retail Industry picked it pace once again and in the journey of trying to pull its gears towards the Profitability (Source: https://fashionunited.com/trends).
New Trends in Fashion Garments
With the lockdown of cities and countries lot of footstep buyers moved to online shopping which helped the fashion retailers to keep up their business going. In the context of United Kingdom it was stated that Instagram marketing tools were the most effective marketing strategy among Generation Z’s which led them towards impulse purchasing behavior within fashion industry
(Journal of Retailing & Consumer Services, Elsevier, Oct, 2020).
The brands like Amazon, who were on Online shopping from the beginning were the first to survive during the pandemic and gradually the rest of the brand retailers also moved highly to online platforms.
If moved to the fashion trends of 2020, we can’t avoid the face masks during COVID-19. A lot of fashion masks were released matching to the outfits and some highly recognized brands like GAP , PUMA released their own serious of branded masks. Further, more innovative masks were also introduced with developed fabrics , adjustable ear loops and even with anti-fog technology.
Next, Tie-Dye was another fashion trend in 2020 which had a huge market as it catered to the customers who wanted to stay relaxed and comfortable at home with basic T-shirt or sweatpants which makes them more easy and cheerful. Tie-dye helped to shape up the wardrobes and to distract the minds from the difficulties.
2020, will be remembered as the year of comfort where sweatsuits also kept a major trend in fashion garments. Sweatsuits were worn at most events like for sporting, leisure, social distant gatherings, and even at TEAMS meetings to video chat with office colleagues. Bike shorts were also another trend in 2020 where it was mostly paired with tight tank tops. Cashmere sweatpants, hoodies, bike shorts, tank tops, socks and bras also played a major role as trend setter in 2020 Fashion garments.
Impact on Footwear
When it comes to footwear since most of the time people were working from home, they used to stay bare foot and preferred comfortable and footwear for regular use like orthopedic approved footwear. Hence, more demand was for summer sandals, house shoes, flatbed slippers/sandals, running sneakers and winter boots.
Impact on Jewelry Industry
Moving to Jewelry since most of the events were cancelled due to COVID-19 lot of shoppers moved to simple chains irrespective of designer jewels during 2020. (Source: https://www.purewow.com/fashion/biggest-fashion-trends-of-the-year)
Thus, I would say that 2020 was a remarkably a hybrid year for the Fashion Industry.