As the COVID-19 launched late last year into this year, the fashion world has continually suffered various waves of impact which results in closing of stores, crashing of businesses and crippling fashion shows.
Late last year, the it came as an utter shock to hear that the renowned global fashion company Forever 21 filed for bankruptcy. And as a result, about 200 of its stores closed down which includes stores in Canada, Europe and Asia.
“The decisions as to which domestic stores will be closing are ongoing, pending the outcome of a continued conversation with landlords”, said one of the stores bosses, as he further sighted the reasons for the closure.
Victoria’s Secret declared bankruptcy also last year and closed 250 of its stores. Besides canceling the annual Victoria Secret Fashion Show. This updates came right after it relaunched its swimwear line, eyewear and footwear last year in a bid to boost up its sales. The Victoria Fashion show management was bluntly honest when they admitted that there was no material impact on short term sales even after airing the show.
“We did not see a specific material impact on short term sales in response to the airing of the long hour show”, said Stuart, L Brands CFO
Chanel and Hermes are among the high fashion companies that have stopped their production while Nike prepares itself for its second phase of redundancies.