Facing The Inevitable
Fashinnovation NYC warmed up for New York Fashion Week today as it held it’s third 2020 Worldwide Talks since the COVID19 pandemic, addressing all the inefficiencies, excess waste, and slowing down the production of fashion that’s plagued the fashion industry for decades, especially with what millennials and Generation Z are now demanding.
So far, the clear winner is China when it comes to producing fashion the way it needs to be presented to its population, it doesn’t focus on fast fashion, it doesn’t rely on gossip or flavor of the moment to survive and thrive, and it goes about educating its population a lot differently than the United States, U.S. celebrities are not scrutinized, China tells the whole story about Hollywood, and whatever news in general, it’s all about China’s culture that doesn’t do things fast and inefficiently.
Here in the United States, the entire fashion industry is in upheaval and disarray from the pandemic, but it’s been a day of reckoning long ignored, and has seeped into the industry even before COVID19, fashion’s upheaval started somewhere in the middle of social media, where experiences and self-fame were more important than what New York Fashion had to say.
With an excessive amount of inventory at design houses and brands, rising debt with these clothing makers, overhead costs higher than profit, the evolution of the public, social media, social injustice, and COVID19 turning the economy upside down at the corporate level, and with the consumer, now’s the time for a serious pivot on how the fashion industry needs to survive.
For starters, COVID19 omitted kicking and screaming from brands and retailers when they’re stores closed, forcing them to pivot to digital/ virtual ways of doing business, quickly finding new technologies to engage and educate their customer base, and using their Zoom/ YouTube viewing space to produce out of the park runway shows for you to watch at home.
Next comes sustainability, reducing waste in the fashion industry under unprecedented times sans quantity, and favors quality, produced at season-less speed, not quickly to produce revenue, leaving inventory and costly overhead in the long run.
Producing season-less material and quality pieces means producing fashion more modern and efficiently, plus more locally where you can access your inventory a lot quicker by being domestic, rather than overseas.
Sourcing of your materials to produce fashion is extremely key, especially with millennials and Gen Z who demand to know where and how their clothes and accessories are being made, whether it’s ethical, eco-friendly, and comfortable according to their body type and chemistry.
Speakers on these Fashinnovation 3rd Worldwide Talks are extremely confident about the future of fashion, what the fashion industry needs to do, and foresee pent up demand once the COVID19 pandemic is finally over.