Tag: fashion industry news
Fashion brands, producers and retailers in key consumer markets across Europe and North America are fighting for survival. Stores are closed, sales have slumped, inventories are mounting, staff are being laid off or furloughed, executives are taking pay cuts, dividends have been suspended, and companies are taking steps to shore up their liquidity. For many, the response has also been to abandon or scale-back orders, and delay – or even cancel – payments to vendors. The knock-on consequences are factory closures and the dismissal of millions of workers in some of the poorest countries in the world.