Buying Practices
The Fashion Brands NOT Cancelling Orders In The Wake Of Covid-19
Suppliers have been hit hard by cancellations but there is evidence, at last, that some brands are implementing responsible buying practices and honouring their commitments.
The Covid-19 virus is hitting fashion brands hard and it is the suppliers and their workers who stand to suffer the most.
To give you an idea of the fallout, first, some sobering statistics.
Sales and manufacturing are predicted to drop by 50% across Europe, according to a poll conducted by Euratex. While Moody’s analytics estimates that US department stores and fashion retailers will see their income plunge by 40% this year.
And the effects of this sharp downturn in sales are already bein…
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