-: With its short operating timeline,
the fashion industry is a sector
where resilience has always been important.
It's known for its ability
to constantly respond to new trends.
That being the case, the COVID crisis tested the industry
in ways it never has before,
and the industry's response
provides lessons for others to learn from.
(bright music)
Fashion trends are moving faster than ever.
Designs seen on the catwalk this week
are expected to be on the sidewalk next week.
And consumers tend to reward the companies that keep up.
Additionally, we're seeing the industry accelerate
the evolution of its supply chain,
moving towards demand chain.
It's a more customer-centric setup
that is data-driven, digitally super-fueled, and AI powered.
And it also moves key elements of production
closer to consumers.
That means, the big shift is going from
the traditional agility within the structure,
to an overall agile supply chain.
This idea was tested during the COVID-19 downturn,
when the industry learned even more about the value
of having the average supply chain.
The focus became producing the evergreen basics,
while having the flexibility to quickly adapt
other parts of the assortment to current demand.
The world economy, post-pandemic and beyond,
will require supply chains
that are more impervious to disruption
and flexible enough
to capture new sources of competitive advantage.
The takeaway is,
that the more agile and resilient the supply chain,
the more the industry can weather economic cycles
while still growing and operating globally.
And this is definitely a fashion trend worth following.
(bright music)