Back in April, at the start of a global lockdown in response to the coronavirus pandemic, analysts and experts warned of a new era to come for the fashion and luxury industries.
Nine months later, at the onset of a second lockdown forcing retail closures in the U.K. and across Europe, almost no CXOs expect a return to normal, according to a McKinsey survey.
In a global survey for the year ahead many feel the outlook is worse for North America (47 percent) and Europe (41 percent) in comparison to Asia (36 percent). And while these figures may be in stark contrast to the robust sales of 2019, the mainstream fashion market is feeling the squeeze even more.
One thing is certain, the evolution of travel will significantly affect recovery, when currently there are no Asian tourists spending in Europe or the U.S.
Recovery scenarios are vital to luxury strategists, with McKinsey identifying several themes for businesses to come out the other end stronger. This includes assessing if a business has reached it full digital potential. For example, does it have operational e-commerce in different markets and languages, can it fulfil orders in different locales? Are all of its products available online?
T oread the resto f this story by Don-Alvin Adegeest, click on FashionUnited - Luxury Outlook