The fashion industry is resetting; the worldwide pandemic has forced it into recalibrating its impact from a cultural and socio-economic dimension, understanding major changes in the playbook, where nothing is safe anymore, and everybody is playing its own melody.
Last year’s lockdowns in major fashion cities urged rethinking fashion presentations and the mandatory attendance of fashion tribes from one city to another. A volatile contraction of the economy and restrictions affecting international travel unleashed a domino effect of loss for all company services related to fashion runways and expenditure by the city.
The economic fallout in every major fashion city is affecting all business professionals focused on live events and related industries such as luxury accommodations, catering, security teams, transportation, restaurants and retail shopping to name a few. According to Bloomberg’s data, the four cities New York, London, Milan and Paris could miss out on more than $600 million in economic activity this season, as all presentations go digital.