A perfect storm for fashion marketplaces
McKinsey conducted a virtual roundtable discussion with a panel of fashion industry executives as part of the ongoing Apparel, Fashion & Luxury COVID-19-response Webex series. Below, panelists share their views on how the fashion industry will likely evolve in light of the crisis and what it will take to navigate the next normal.
COVID-19 is, first and foremost, a human tragedy. As the global death toll rises, healthcare workers continue to risk their lives to combat the crisis on the front lines. Solving this humanitarian challenge is, of course, the top priority, and much remains to be done globally to respond and recover.
In addition to the concern about the very real impact on human lives, businesses in every sector are grappling with an uncertain future while working to develop responses that best serve their vulnerable employees, customers, and suppliers—and the fashion marketplace industry is not immune.