The new coronavirus or COVID-19 has become a topic of discussion and a source of panic for many. As the virus spreads and the number of confirmed cases accumulates, many are beginning to worry about the impact this will have on their personal lives and the world at large. We have already seen people in Europe go crazy and hoard certain products, leaving supermarket shelves empty. We know this limits travel and many people are choosing to change plans and stay home. We could have predicted that this would have a massive impact on tourism. It is already causing certain large events, meetings, concerts, conferences and festivals to be canceled or postponed because large gatherings are not a good idea and can cause the virus to spread even faster.
But what most of us don’t think about is how this will affect the fashion industry. At first glance, it seems like the new coronavirus has nothing to do with the fashion industry until you remember that Fashion Week is a big gathering of people. While Milan Fashion Week was not canceled, the Armani show took place in an empty theater. Is this the first bell? Is this how other fashion weeks will unfold this year? Or will everything be cancelled?
But fashion week is not the fashion industry’s biggest problem. Most of the materials used in fashion are produced in China. And since China is the country with the largest outbreak of the virus and is essentially on lockdown and many factories and companies have stopped operating or quarantined, that will definitely affect the fashion world. While we here worry about wearing masks on the street and canceling vacations, Chinese companies, offices and factories are temporarily closing to stop the spread of the virus.
Luxury fashion is already suffering because fashion shows could be cancelled, but also, as people cancel their trips and focus on their health, they are much less likely to buy luxury designer clothing. And Chinese tourists actually make up a third of buyers when it comes to luxury goods.
On top of that, certain materials used in the production of designer clothing are manufactured in China and with Chinese factories closing during the virus outbreak, this could cause a significant delay in the delivery of those products to fashion houses. and therefore the design will not be done on time. And fashion is a seasonal business.
You might be reading this thinking “well, I don’t actually buy luxury designer clothes, how does this apply to me?” Well, it’s not exactly a secret that most of the high street and fast fashion stores we shop at make their clothes in China because it’s profitable. The price of labor in China is low and that has made them the largest conglomerate in the fashion world. If the company doesn’t necessarily source its clothing in China, it probably gets the fabrics from here, and if it’s not the fabric, it might buy zippers or buttons from China. In one way or another, almost all sectors of the fashion industry are highly dependent on China and this coronavirus will have a huge impact on it.
