While it is true that the novel coronavirus pandemic and subsequent restrictions have upended businesses around the world – with stores selling non-essential commodities like fashion being the worst affected and shuttered for months together – it is also true that crises such as the COVID-19 pandemic present opportunities to think and act out-of-the box.
Reports from across the world showcase numerous positive stories of brands that have done exceptionally well in reinventing themselves by introducing innovative categories for their customers and keeping them relevantly engaged during stressful times. Luxury brands have also led by example, resetting businesses wherever necessary This has led to reset of businesses across industries and luxury is no exception.
Measures taken to offer innovative products and services by many luxury brands have hugely appreciated. Luxury firms focused on digitalization, going green and going Phygital, but, overwhelmingly, global attention has been driven to a holistic approach to sustainability and how to make luxury more meaningful and purposeful.
A virtual India Fashion Forum panel discussion, powered by Istituto Marangoni, deliberated over reformation of the luxury industry post the ongoing COVID-19 pandemic.
Topics of discussion ranged from:
The effects of the pandemic on the industry
The learnings for the luxury industry and how are key players prepping to bounce back
Insights into how the industry is reengineering for the new world order
New platforms being used to showcase collections in the absence of physical shows
Foreseeable changes in the future
The new models/ formats that are being embraced for a triumphant revival
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