Hello readers and happy belated Easter!
This is the first issue of Fashion Business Reader Brief, where I have selected for you the most interesting insights, trends and reports related to the fashion industry and live blogs to follow to keep your finger on the pulse on the coronavirus situation.
It has been over the month since Italy is under lockdown, and it will take a while for the fashion industry to restart… However, there’s an upside to this period of “social distancing and quarantine”, as it gives plenty of time to read (below I share with you my favourite books).
Best,
Assiya Assanbayeva
FEATURED REPORTS
“The State of Fashion 2020 Coronavirus Update” by Business of Fashion & McKinsey & Company
“Technology in Fashion” (excerpt “Innovation in Retail Experience”, “Innovation in Delivery”) by Fashionbi
“Fashion Retail Persuasion Trend Report” by Crobox
FEATURED LIVE BLOGS
Follow BoF team covering last-minute updates on how the coronavirus pandemic is impacting the fashion industry, from manufacturing supply chains to front rows at fashion weeks.
Follow Lyst insights on which fashion products are currently most wanted in various markets and most searched on its fashion search platform.
FASHION NEWS DIGEST
Givenchy and Clare Waight Keller Part Ways.
Clare Waight Keller is departing Givenchy after an eventful three-year stint as its artistic director. The British designer, who catapulted Givenchy’s international prominence — and her own — by dressing Meghan Markle for her royal nuptials in 2018, departs the French brand at the end of her initial contract. Givenchy said it would announce a new “creative organization” at a later date. (WWD)
Why Some Fashion Brands Won’t Survive the Pandemic
Much like the health crisis itself, brands that went into it in good health will survive. But they will have to change, move more sales online, and take a less-is-more approach to collections. Then they have to hope consumers want to shop. (SCMP)
How Luxury Consumer Preferences in China Are Shifting After COVID-19
Many luxury malls in China have recorded a drastic decline in foot traffic. And while consumers are reportedly coming in after work to take out food or shop for groceries and wine, the time they’re spending at fashion retailers has been drastically reduced. (Jing Daily)
How the Virus Transformed the Way Americans Spend Their Money
The coronavirus has profoundly altered daily life in America, ushering in sweeping upheavals to the U.S. economy. Among the most immediate effects of the crisis? Radical changes to how people spend their money. (The New York Times)
Asos Data Reveals Lockdown Sales Recovery Pattern in Europe
Over the past three weeks, Asos’ group sales declined by between 20% and 25%. But as the stages of the pandemic develop at differing times and speeds in various regions of the world, the retailer can draw conclusions from improvements beginning to show in some countries. (Retail Week)
BONUS: 3 Books to Read During the Quarantine
Below you'll find 3 must-have books for rising fashion professionals I recommend to read:
Fashionopolis: The Price of Fast Fashion and the Future of Clothes by Dana Thomas covers such hot topics as the environmental impact of the apparel industry and its sustainability.
The Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands by Jean-Noël Kapferer. This book is the “Bible” of luxury brand marketing.
The Cult of the Luxury Brand: Inside Asia's Love Affair with Luxury by Radha Chadha explains how the phenomenon of luxury consumption spread around Asia.
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