Insider Take By Vikram Phadnis | Economy Under Lockdown: Fashion
A veteran in the fashion industry, Vikram Phadnis (Instagram/ @vikramphadnis) gives us the expert’s view of the lockdown impact and how his brand is coping with the economic crisis.
“Since mine is a small business, I would not like to layoff people until I can afford to,” he says of the increasing number of job losses. Caught between being positive and practical, the designer acknowledges the harsh impact of the pandemic on the present and future of the industry.
Like him, several top executives of major fashion brands have commented on the need for government support and prudent but creative decision making in these times.
"With the ongoing COVID-19 pandemic, the entire retail industry is witnessing uncertain and challenging times more than ever. Getting back on track will be a long and arduous journey as the way forward looks fluid with millions of jobs at risk," Benetton India Managing Director and CEO Sundeep Chugh said.
The possible resurrection of the industry at this stage seems unpredictable, with millions of jobs at risk and post COVID 19 restrictions to be accounted for. Social compliance auditing during and after the pandemic would likely become more frequent owing to potential risks.
“Reworking of congregation areas and queuing at malls are being relooked as safety will be top consumer demand in the recovery stage,” said Kumar Rajagopalan, CEO of Retailers Association of India (RAI).
All things considered, government support at this stage is essential to avoid irreparable damages and loss to the industry.
Updated Date: May 25, 2020 15:44:08 IST