Fashion in the Age of Coronavirus
How is the industry navigating its future and marketing strategy through one of the most uncertain and difficult times in recent history?
Like many industries, the fashion industry is finding themselves in a time full of uncertainty. Many companies are experiencing layoffs, major profit losses, and according to Vogue, the “Fédération de la Haute Couture et de la Mode, has officially canceled the upcoming men’s and couture fashion weeks” and “the CFDA is also advising American designers to not show Resort 2021 collections in May and June and has postponed its menswear week.” These cancellations pose a major threat to an industry that relies on high fashion to set trends for each season, which trickle down to fast fashion retailers that bring trendy pieces to the masses.
The impact of social distancing and stay at home orders have put financial burdens on consumers around the globe and businesses that rely on their foot traffic. In a quote from Vogue “the CFDA and 90 business groups including the National Retail Federation, the Accessories Council, and the Fashion Footwear Association of New York brought their concerns to the White House, sending a letter to President Trump calling for economic stabilization efforts amidst the coronavirus pandemic.” The fashion and retail industry is deeply connected to the United States and is a foundation of many other countries economies, and many companies have taken hard hits which in turn leads to damaged markets and economies around the world.
Despite the major setbacks as well as slowing of sales and growing fears, many large fashion companies and conglomerates have shifted their marketing in a charitable direction. While it can be confusing which marketing route to venture down during a financial crisis: a discount route, a promotion of loungewear for staying indoors, or developing community engagement, many companies who can afford to do so are promoting their efforts in turning their manufacturing plants and previous profits into mask or sanitizer-making factories and making donations to major charities. According to Business Insider, “LVMH, the world's biggest luxury goods group, is ordering 40 million health masks from a Chinese supplier to help France cope with the coronavirus outbreak.”
As someone who is attempting to break into the working world for the first time, it is refreshing and inspiring to see so many companies and brands that I admire turn their goals away from revenue (while that still remains an important part of their business) and shift towards focusing on how they can best aid the people around the world during this pandemic. While some have the means to donate money and products, others had taken routes to engage their followers and customers to check in on wellbeing and let them know they are with them. She The Seeker, one of the local retailers I had the pleasure of working for as their first intern, has launched Instagram Live sessions with local small businesses in teaching her followers about what they do and what their passions are. I have also noticed many influencers using their platform for good and as a fundraising tool whether its for charities, medical supplies or even to help build an ICU unit.
While much is uncertain and scary these days, what helps keep my mind at ease is the fact that an industry that has long seemed so exclusive and far away from the public is extending helping hands to those in trouble and less fortunate, which consumers like myself will not soon forget when the dust has settled.