The coronavirus pandemic has taken a toll on most industries. Businesses have been forced to pause trading, revamp their entire operational models, and many have even had to close altogether.
The British fashion industry has been particularly negatively impacted, and will continue to suffer as the country recovers from the effects of the Covid-19 lockdown, according to new data released on Thursday by the British Fashion Council (BFC) from Oxford Economics. Already, we have seen Debenhams, Laura Ashley, Aldo UK and Victoria’s Secret UK file for administration, as well as shopping centre owner Intu.
Oxford Economics found that the post-pandemic recession could hit the fashion industry twice as hard compared with the UK overall, with revenue predicted to fall from £118 billion in 2019 to £88 billion in 2020. It says this effectively wipes out the above-average growth achieved by the industry over the past