A growth in ecommerce during the coronavirus pandemic has helped some fashion houses and clothing retailers continue to do business even under lockdown. Industry experts now believe deeper digital transformation of distribution and sales could help fashion manufacturers and luxury brands with some longer-standing challenges posed by changes in consumers’ retail habits.
According to Goldman Sachs, fashion groups like Prada, Gucci and Ferragamo could bounce back faster than initially forecast, thanks to the recovery of the Chinese and American domestic markets. Analysts also expect brands that are focusing on digital marketing and ecommerce strategies will have substantial competitive advantages over their less nimble rivals.
For Italy, where the fashion industry is worth almost 1.5 per cent of GDP, prolonged shop closures around the world have had a devastating effect on fashion companies’ results and weighed negatively on domestic suppliers.
Carlo Capasa, the president of Italy’s national fashion chamber, predicts revenue