Let’s all make a coronavirus playbook for fashion.
We don’t know what’s going to happen with this rapidly developing situation, but we know everyone is being impacted. The more we can pull together and try to mitigate the damage to all levels of the industry, the better.
First suggestion: Vendors need to be transparent with their buyers and inform them, as best as they can, as to when they realistically will be able to ship. Retailers need to cooperate with their vendors and extend cancel dates. Retailers also need to remove the threat of future markdowns from the air surrounding each of these difficult conversations. We know that sales, both retail and wholesale, will be impacted during the next few months.
Online selling will most likely increase if consumers are concerned about going to large, crowded stores. Fortunately, there are few retailers today who don’t have e-commerce businesses. And there are few brands/wholesalers as well who haven’t developed a direct-to-consumer distribution component to their businesses. How the pricing online is managed by all will have a significant impact on the bottom line when this crisis eases.
For manufacturers, please make sure that you are vetting the stores you sell to properly. There is always a reason why some retailers have a history of paying you late, and it’s not usually one that will give you comfort.
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