As the coronavirus pandemic continues to take a toll on economies across the world, it may seem like fashion is the last thing to consider. However, four companies have found success in the “recession-proof fashion” industry, offering hope for the future of the global fashion industry. The Wall Street Journal takes a closer look at these businesses that have defied the odds and explore how their strategies have created a resilient model for success.
1. Charting a Course to Recession-Proof Fashion
It’s no secret that amidst an economic downturn, fashion must adapt. In order to keep your stores in the black and customers content, there are routes you can take to recession-proof your fashion business.
Here are some actionable steps to equip you to tackle this time of economic difficulty:
- Find the current fashion trends: Of course, keep up with the current fashion trends. Knowing what is big can help you easily tailor your purchases to fit your customer’s needs.
- Make sure your products are of high quality: Your customers want fashion items that are fashionable, durable, and long-lasting. Providing quality products can ensure your customers remain loyal and return in the future.
- Stay connected to your customers and community: Keeping connected to your customers can help you better understand what their needs are and come up with creative solutions to ensure everyone remains content. Hosting events, such as workshops or seminars, can also be a great way to get the community connected.
- Re-evaluate promotions and spending: It’s important to always have an eye on promotions and spending to make sure your fashion business is running efficiently. Re-evaluate promotions and take stock of your inventory; this help you determine what’s selling, and where it’s best to spend your money.
These are just a few steps you can take to make sure your fashion business remains afloat throughout this economic turmoil. Understanding current trends, stocking durable items, staying connected with the community, and keeping track of spending are all key to staying competitive.
2. Four Fashion Leaders Weathering the Storm
The fashion industry has been hit hard by COVID-19, with the restrictions imposed on shopping, traveling and attending events. But despite the challenges, there are four major fashion leaders continuing to successfully weather the storm.
The kings of luxury goods, LVMH and Kering, have both displayed impressive resilience. Prada and Gucci have found creative ways to keep up the sales, with Prada using innovative digital strategies and Gucci refunding customers for cancelled events.
- LVMH has used its luxury clout to leverage its success in new areas such as technology and travel.
- Kering has managed to maintain the strength of its core brands through shift in their business models.
- Prada has sought to offer customers services such as online styling and virtual events.
- Gucci has used refunds to ensure loyalty and goodwill amongst customers.
Clearly, LVMH, Kering, Prada and Gucci have displayed their ability to not only survive during these troubled times, but to also expand their reach and strengthen their foothold in the global fashion landscape. Although the pandemic has caused uncertainty, these fashion leaders have stood triumphant, proving how adaptable and resilient they can be.
3. Leveraging the Power of Resilience and Reinvention
The capacity for resilience and reinvention is a skill that every successful businessperson must possess and actively cultivate. With a few simple tools, you can easily develop strength in these areas that will help propel you to greater heights.
Let’s break it down:
- Resilience: When times get tough, and gears must be shifted, you’ll need an internal fortitude to successfully navigate the changing landscape. Staying focused on the milestones ahead, and maintaining a forward-thinking mentality is key.
- Reinvention: The world is ever-evolving, and it’s up to you to continuously be innovating and adapting in order to stay on top of the trends. As Winston Churchill famously said: “To improve is to change; to be perfect is to change often.”
By in your business growth plan, you’ll set yourself up for long-term success. It starts with a willingness to stretch the boundaries with which you usually operate and refusing to remain stagnant.
4. A Glimpse Into the Future of Fashion Investment
We’re looking into a future where fashion investments are more important than ever. We are no longer just buying clothes to look fashionable, but we are also investing in pieces to acquire profit in the future. Investing in cool, unique pieces of clothing that are created with timeless designs and produced with quality materials are often treated as worth more than when they were bought.
Fashion investments of the future have a much more progressive view on sustainability. They’ll be centred around eco-friendly materials and practices. Furthermore, future fashion investments will focus more on the ‘storytelling’ aspect of the item – who designed it, how it was made, the stories surrounding it. All in all, it’s focused more on creating quality pieces and production that are sustainable and beneficial for the environment, connecting fashion closer to the art realm.
- Eco-friendly materials and practices
- Celebrating the ‘storytelling’ of fashion
- Moving closer to the art realm of fashion
Fashion’s ability to reinvent and evolve is exactly why designers have been essential to progress. These four companies not only prove that fashion is recession-proof, but they also demonstrate that it can positively contribute to our lives in numerous ways. From producing ethical products to reviving vintage styles, they continue to pave the way for a more sustainable future of fashion.
