Business Of FashionJune 2020
While the novel coronavirus has had a terrible humanitarian impact, it has exacted an appalling toll from economies all over the world. One of the worst-hit sectors of the economy is retail.
Apparel and accessories are set to be the hardest hit retail sectors with the global apparel market forecast to decline 15.2 percent this year (equivalent to US$297 billion), says GlobalData, a leading data and analytics company, although the recovery has already started across markets released from lockdown and social-distancing measures.
With the Indian government easing lockdown restrictions, retailers are now preparing to resume business in the new normal. Most hope to quickly bounce back to their pre-COVID-19 business and some are even expecting a boost because of pent-up demand from many customers being stuck in their homes for weeks while stores were closed, though it is probably too optimistic to expect that things will go back to normal anytime soon.
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