Crisis and opportunities in the apparel industry under the impact of the pandemic

Jun 24, 2020  |  by zhaoxh


The global apparel industry has been affected by the pandemic. Not only has physical apparel retail been hit hard, but online apparel retail has also suffered a lot due to logistics and other reasons. Whether it is an international luxury brand apparel or a fast-fashion brand, they are in trouble, and companies are doing all they can to save themselves.
In the face of the pandemic, online sales have become a way for companies to save themselves. Some clothing brands that have launched online sales have basically operated normally as logistics resumes. On May 25, the 2020 National Summer Apparel Spot Trade Fair opens online, and sixteen apparel wholesale markets nationwide opened online promotion. “618” e-commerce has been greatly promoted, and many apparel companies are launching activities, many of which have independently designed clothing brands with unprecedented discounts.
 
When mass consumer brands are struggling to survive both online and offline, high-end brands have also begun to take action. In late May, international first-line brands including LV, Chanel and Prada have announced price increases. Although major international brands have normal price increases every year, according to different brands, the average year is generally around 5%, but the price increase in May is very rare. Industry insiders said that price increases are one of the solutions for brands to ease the pressure on cash flow and performance growth.
“But whether it is price increase or discount, the channel reform of the apparel industry has begun, and online sales channels and marketing methods have gradually played a huge role. How to maximize the use of online channels and marketing methods to promote business growth has become the most urgent issue for major apparel brands, “industry insiders said.

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