How Does COVID-19 Impact fashion businesses
Future of the fashion industry post COVID-19?
The co-founder of SupplyCompass Flora Davidson says: “Whilst ‘normal’ ways of working have been abolished, there is a still chance for experimentation. I am hopeful that this crisis will lead to a change to occur, and the next months will guide a new and better era for the fashion industry. We’re already seeing businesses take the time to explore new solutions and be more open than ever before.”
“If we look at how fast everyone has adapted to this new normal in response to the global pandemic, imagine what other changes businesses could make? This could place sustainability and technology at the heart of this transformation. Rather than reverting to how things have always been done, I see an opportunity here for brands to reinvent, adapt and experiment with new technologies and methods of working. Adapt to survive – perhaps some businesses may even prosper unexpectedly as a result!”
2. What will COVID-19 mean for sustainable fashion?
SupplyCompass co-founder Flora Davidson says: “Whilst some pre-existing sustainability will continue it will slow down the current quickness of this movement , although I’m hopeful that the ambitious sustainable fashion goals declared in 2019 will continue and even earlier this year the goals made will be approached with renewed strength once lockdown ends.”
“Whilst working from home, many teams have had much needed time to reflect, rethink, and plan their sustainability roadmap. We’re starting to see signs that brands, driven by necessity, are looking to sustainable solutions as the answer. We’re seeing a shift away from fast-moving trends, in favour of designing transeasonal, timeless pieces and dropping smaller, more frequent collections, that can be sold whatever the season. This in turn, reduces the amount of products that go unsold, only to be heavily discounted at the end of the season.”
“Supply chain transparency and mapping is an area that I believe will have renewed focus. COVID-19 has forced brands to understand the importance of being 100% in control of their supply chains. If you don’t know where every single partner is, identifying, anticipating and managing risk becomes very challenging. The industry has been pushing for greater transparency for years, perhaps this will give it the jolt it needs.”
“At SupplyCompass, we’re actually seeing a lot of interest from both brands and manufacturers looking for better ways of working together. Business enquiries have increased by 300% over the past four weeks. With time to explore new solutions, we’ve noticed a change in attitudes – notably an openness and appetite for change. By digitalising global supply chains, we’re making sustainable sourcing, product development and production management easy – and cost effective – for every player in the supply chain. So even where sustainability isn’t the priority right now, as the industry is striving for better ways of working, collaboratively, they are in effect driving the fashion industry forward to a more sustainable future.”
SupplyCompass is a product development and production management platform that enables fashion brands and manufacturers to produce better, together. The cloud-based software is transforming the fashion industry, by digitalising global supply chains and making sustainable sourcing easy and cost effective for brands and every player in the supply chain. The platform enables brands to manage the entire product development, sourcing and production process from design right through to delivery, all in one place.
SupplyCompass has also built a network of 200+ supply chain partners, visiting, vetting and handpicking only the best manufacturers, mills and suppliers to join. The majority of their network is in India, with some strategically placed partners in Portugal, Nepal, China and Spain. SupplyCompass is based in the UK (London) and India (Mumbai and Hyderabad).