Covid-19 is badly affecting the fashion industry. Before Covid-19 everything was going very smoothly. People were living their lives more comfortably than today. Along with people markets and businesses were growing with their hard work and promotions.
But as Covid-19 pandemic struck the world, everyone on every level got affected by its consequences. Lock down and lock down and there is everywhere lock down. People restricted to their homes; not only to their homes but to their rooms.
This pandemic shattered everyone from individuals to businessmen, from homes to cities and from masses to governments.
The businesses which are affected the most are clothing, furniture, restaurants and fashion industry. One pillar of fashion industry which was moving to grow and spread quite quickly was rental market of clothes.
People were not buying clothes for their events participation but they were renting and outsourcing clothes for one day and then new dress for next day function. In this way, one day one dress trend was on its peak in USA. Or you can say this trends as buy once and wear once.
It was looking very charming business of rental clothes but Covid-19 destroyed it badly as there were no functions, events and weddings and people stopped renting clothes completely. Still this pandemic is on its peak not even a country but in the whole world. So, top brands of this business such as Hurr collective and my wardrobe HQ reached at their knees.
Now, they are struggling to just survive not for growing and expanding. Many of their employees got jobless and their profits met to zero bucks.
Now when everyone is restricted to their home buildings and no one is thinking for entertainment, this rental market industry which was estimating to touch a business of $3 billion dollars in next two to three years will never meet its expectations.
From governments companies were asked to protect employees financially and also from this coronavirus pandemic.
Companies spent on their employees for their prevention and also on warehouses to disinfect on daily basis whereas they were not getting any customers and they had to bear all of this cost without earning a single penny.
Owners of these companies are themselves saying why people will rent our dresses because they do not have any events to attend. Hope so world will get rid of this pandemic very soon but this will leave its signs for a long time and fashion business and industry will remember its fingerprints.
Till now we have discussed external losses of rental market businesses but some extra expenditures the companies bearing now are sanitation and sterilization factors.
It is a principle that a person who borrows a dress will return dress after dry cleaning but now due to coronavirus sterilization has become more difficult as experts say coronavirus is killed at 153 degrees and companies have to maintain their quality standards and make sure to provide corona free dresses by optimizing laundry process to required temperatures.
Hygienic principles must be followed to keep pace of the business because customers will first ask about dresses disinfection and sanitization. A lot of difficulties have arisen after this pandemic and everyone is suffering from panic.
Information Source: Vogue
Upcoming future of this Business
If this pandemic persists for more than 6 months companies will have to change their business model and nature. They will leave this renting market and will adopt selling business of clothes and accessories. They will sell their old clothes for few pennies and will invest so called this earning on establishing a business of selling clothes not renting.
In this way, they have to bear heavy losses. But in the long run, after many years if they thought they will start again their renting clothes business but at the moment companies will be forced to shift their business model to other ones to survive.
Corona virus also affected one of the biggest fashion show where Miss Universe and Miss World are nominated is delayed.