Headline Diplomat eJournal: Issue 1
The perilous lenses of COVID-19: The impact on the economy
Writes Karen Blair, Journalist, Headline Diplomat eJournal, LUDCI.eu, LinkedIn
Up until February 2020, the fashion industry generated a whopping $2.5 trillion in global annual revenues.

That was before the COVID-19 pandemic took the world by surprise, forcing governments to order businesses to close, place travel restrictions on citizens, close borders effectively upsetting supply chains, and create unified isolation as the new normal.

With much of the world’s population tucked away at home, everything that has been classified non-essential has been given the cold shoulder, clothes included. Clothing sales have plummeted by as much as 34 per cent for some retailers, saved only by an increase in the demand for leisure wear, sleepwear, and socks.

Every area of the fashion industry has been affected; manufacturing, sales, and events. Demand for clothing has come to a horrifying halt as consumers are unable to travel or socialize.

According to research carried out by The Business of Fashion, Covid-19 could spur the biggest economic contraction since World War II. Every indust...

To read the whole article, please subscribe here.