Year 2021 is advised as a tough year for the business across the board. Some of the key recession risk indicators are already pointing towards a weaker first half the year 2021. US-China trade war further had added much to the gloomy times in the fast fashion and apparel industry.
Taking a closer look at fashion industry, sustainability is one of the core themes and focus for all the players. Increasing customer demands and customizability have further fueled the need for more sustainable business models across whole delivery network.
** Looking Beyond China ** China for a long time will continue to dominate its share in world’s gross fashion clothing and apparel production. However it will be harder for it to grow its share beyond what it is and it is highly likely that it will shrink while giving opportunities to other overseers destinations a golden opportunity. Counties such as India, Vietnam, Nepal, Combodia among others stand a great chance to prove their delivery capabilities. It is imperative for the named brands to build resiliency in their business models and continue to invest while taking a close look at overall value delivered to customer. This value consists of intrinsic (brand association, storytelling etc. ) as well as extrinsic ( brand, apparel, logo etc.)