It seems bleak for now that the odds for fashion will continue to drop the environmental impacts in the face of the coronavirus pandemic. The revenue is decreasing on every level as brands and suppliers might be forced to focus on paying bills; rather than making investments. Workers are being laid off, and it's unclear if the fashion companies that have been exploring significant changes to make their businesses more sustainable will put them on the backburner, whether to protect profits or to keep the lights on. Sustainable Fashion is the only response for Pandemic Crisis Many big names in the fashion industry are advocating the fact if fashion houses don't have enough money to run their daily operations and bills, then how will they be able to focus on the environment. According to Suchitra Kodali, vice president and principal analyst at Forrester Research, "if wealth evaporates, if businesses have to do significant layoffs, concerns about sustainability will go by the wayside. It's something that we care about when we have the luxury to care about it — when basic needs are met." But some individuals would beg to differ. They firmly believe that the challenges of climate change, plastic, and pollution are too urgent to be ignored. And therefore, efforts on sustainability won't go in vain; instead, it is the profound chance to reevaluate and transit the functionalities of the industry. Katrin Ley, managing director of the sustainability accelerator Fashion for Good, is an epitome of optimism. She stresses that both for the adoption of better technologies and the industry broadly to ramp up its sustainability efforts. While giving an interview to Vogue, she added, "The current situation provides an opportunity to reevaluate practices and may accelerate positive changes that have already been in motion." Let's look at some of the ways the fashion industry can rise-up to the occasion and accelerate positive changes:
· Transform Business Models Coronavirus has halted much of the industry; therefore, manufacturers and retailers have the golden opportunity to re-emerge themselves after the pandemic with blank slates. This would allow for some direction change in the way the sector was initially operated. It could also involve fundamental changes in what and how brands sell to customers. The disruption in the supply chain method might also prompt brands to re-assess their dependency on distant and global suppliers. If brands can successfully restructure their supply chains, then they could like another feather in the old cap. It is possible to bring in more sustainable manufacturing partners or help a new supplier become more sustainable. This would cut into margins; as a result, brands could diversify their supply chain and reduce environmental impact in the process. · Measure Up Sustainability Technology start-ups that are tackling some of the industry's biggest challenges, including recycling of fabrics, will be watching how the industry's financial decision-makers react to stacking up the sustainability at this time. Yes, some of the leading brands are still hesitating to comment on the issue. As a standard response to these chains of the email is, "All aspects of this extreme situation are now carefully evaluated to be able to mitigate the negative effects. However, it's too early to say what impact this crisis will have on our business and the industry." In a global crisis, retailers across all sectors are forced to cut costs and shift priorities. That pressure can lead to sustainability initiatives being put on the backburner. Therefore, it becomes formidable for the leading brands to initiate sustainable fashion or at least re-evaluate. Conclusion- The fashion industry has come to a halt due to rising cases of coronavirus pandemic. Yet, some analysts believe there's an opportunity for brands not to give up but to further re-evaluate production processes to be more sustainable. This is our ray of hope and upon which the future of the sector relies. Hence, it is our responsibility to learn from the past and make the future better. We, at iDesigniBuy, believe in the same notion and second thought that now is the time to adapt to changes and so that we don't have to face a similar problem. We are a fashion tech company that offers customization solutions to the brands who wish to comply with sustainable fashion. Collaborate with us today. |
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