THEIR ADAPTATION TO FASHION
COVID'S EFFECT ON FASHION
Although we can already see the light at the end of the tunnel, the COVID pandemic has been a test for everyone, a historic moment that will mark a before and after in global history.
According to the report Deciphering Covid-19 in Spain prepared by Everis, fashion will not recover the profitability levels of 2019 until 2025 at best.
Today it is necessary to rethink the rules of the game and adapt as an industry to a new reality. The central themes about the future of the fashion industry will revolve around two main pillars: sustainability and digitalization.
From both approaches it is necessary to focus on permanence and generating business guarantees that continue to function and generate even in the face of potential new situations of confinement or crisis.
With this, after a few years of confinement it is important to analyze the capacity to hybridize the value chain.
The balance between the physical and digital beyond the shopping experience has never been more important. Digital channels, as well as a future metaverse, are evolving into a more immersive and ‘substitute’ model for the physical.
They also allow for expanded access to new audiences, as well as giving the decision back to the consumer who does not yet feel comfortable or confident about integrating into the physical world as a matter of course.
Matthew Drinkwater, Head of the Fashion Innovation Agency at London College of Fashion, reflected on this topic in an interview published in WWD, stating that:
“Many retailers are questioning the need to physically hold events that in digital format allow access to larger audiences thanks to today’s technology.”
The future associated with this approach is set to be the new language for businesses. Immersive technologies such as virtual reality and augmented reality will be key to this transition, being applied from fashion weeks to retail proposals.
Today companies like Gucci or Balenciaga, as well as large retailers like Nike are already betting on these transitions through virtual spaces, digital clothing collections, hybrid consumer experiences, among other applications. Over time we will see more and more hybrid or 100% digital proposals.
We live in a world in which technology, pandemic or climate crisis pose uncertain scenarios. Fashion needs to adapt to the new opportunities posed by the current scenario and have a plan B to ensure business continuity.