Rag trade is fraying at the edges
The pandemic has driven the fashion industry into in a deep crisis, leading to an in-depth questioning not only of the incredible waste involved, but its actual role in society
While the effects of the global pandemic become apparent, restrictions on daily living have caused an existential crisis for the fashion industry.
“This is the largest crisis that the modern industry has ever faced,” declared Imran Amed, founding editor of BusinessofFashion.com.
“We’re going to see a wave of insolvencies and bankruptcies as the year continues.” With shops and factories shuttered, the BBC reported that from generating an annual £2.02 trillion in global revenues, the industry saw sales plummet by 34 percent in March.