The fast fashion market changed rapidly in 2020 as the pandemic changed shopping habits. This webinar takes a look the key causes of this, how the market has been reshaped and what it means for Fast Fashion in 2021
Analysing our own bespoke sector data and with interviews with key players, RetailX empirically assesses the changes wrought by the pandemic, as well as looking back through 2010 to 2019 to show where the systemic issues in the sector stem from.
Join Paul Skeldon for our webinar in which we will discuss:
- Many pureplays have risen to the top, Boohoo, Zalando, ASOS have all done very well, rising over the year.
- Many ‘traditional’ fast fashion players have gone online only, been bought and will be amalgamated into pureplays or have vanished all together: TopShop and the rest of the Arcadia companies, New Look, River Island
- Not to mention department stores such as Debenhams and House of Fraser which also stocked many fashion brands have also gone or move online.
- BUT – many of these retailers were in trouble before the pandemic. Covid-19 has merely accelerated their demise.
Why has this happened?
- The pandemic has moved more people to shop online more frequently and more fulsomely, however, many of fast fashion’s base clients are young and already highly digitised.
- Gen, Z, Y and X have all become adept omni-channel shoppers and the switch away from the use of physical retail in their purchasing wrought by the lockdowns was taken in their strides.
- Older, non-digital shoppers simply also moved that way.
- All discovered that there were a lot of bargains and interesting things to be found in the digital realm.
- Retailers and brands that hadn’t embraced digital pre-pandemic have struggled and for many it has finished them off.