As per the reports from the industry, the garment manufacturers in India have effectively received no orders from domestic fashion retailers in May and June, which is supposed to be an essential time for businesses for the fall season. As a part of cost-cutting, most of the fashion retailers have stopped placing fresh orders, as they are planning to continue with the selling of unsold spring-summer collection at least till October 2020. Now, the many small and medium manufactures are thinking of closing their factories, which means thousands of people working in this sector are going to be jobless.
Like any other industries during COVID-19, fashion has not been immune to the drop in customer demand. According to Clothing Manufacturers Association of India (CMAI), which represents over 4,000 manufacturers, there has been a drop of 84 per cent in sales compared to the corresponding period of May 2019, and that too, primarily because some factories had started manufacturing masks and other PPE products. The CMAI report further says that only 22 per cent of the garment factories resumed operations by the end of May.
For the Fashion Industry, the past decade was a success story. The industry was on consistent growth, Asian market showcased a strong performance, and the online shopping boom created a bright outlook. Until the start of the pandemic, the sales forecast for 2020 looked promising. The McKinsey Global Fashion Index had predicted that the fashion industry will continue to grow at 3 to 4 per cent in 2020, slightly slower than the 3.5 to 4.5 per cent estimate for 2019. Now, the pandemic has affected the global market, and the industry leaders are concerned about the sales figures. However, many hopes that, out of this crisis, there will be silver linings and positive impacts for the long term.
Identifying the heroes of Beauty and Fashion industry who have been successful in managing the challenges pandemic, we have come up with ‘10 Most Inspiring CXOs in the Beauty and Fashion Industry in India.’ In a way, they are also warriors during this tough time, as they have been able to find effective strategies to save their businesses and keep their employees safe. We hope our efforts to feature their stories would inspire the next generation of leaders in India.
10 Most Inspiring CXOs in the Beauty and Fashion Industry in India