Future of fashion industry

A summary of talk with Adriano Goldschmied who is authority at denim sector with  Sandeep Agarwal regarding near future of fashion endustry ; 

Work has turned more towards a digital platform.  This might be diffiult for older generation ,but it is still positive thing being forced to learn more on digital World .  What we have done in the past by physical contact can be done digitally & remotely today saving a lot of time. So , it will be our new normal .

The situation will forcibly push the industry in a positive way towards sustainability & circular fashion.  It will also push the consumers to buy products that are more durable, more valued, in a more responsible way.  It is expected that  Next year the companies  gonna be down in the business at least by 50%.  It will have a terrible impact in the organizations of all supply chains globally.  It will hit dramatically in countries where textile is a big part of their economic sector. 

The reaction to the new normality will be different in Asia (especially China) & in emerging countries.  People are at home for a long period of time and they are anxious and probably the reaction for them is to go shopping again.  It will probably be a shopping party.  On the other side, in America & Europe, consumers will reconsider their way of shopping. 

The consumers are more mature and not afraid to change the approach that they have to shop.  All the digital shopping is going to be booming but they are going to reconsider shopping in a more responsible way. They will buy less and buy better.  Transparency will be more evident and help the consumer make better choices with the information provided. This is the direction that we have been pushing for  years and years.

We may have different reactions from different parts of the world.  Fashion has an important role because it is creating an emotion for the buyer.  Fashion is stimulating this approach that the consumer is thinking that they cannot live without the new fashion. 

This is a very important step to reduce cost and is much more sustainable. 

The current situation is like a tsunami.  Only the good & strong will survive.