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The Coronavirus’ Effect on the Global Apparel Industry, Business and Industry Trends Analysis

The Coronavirus pandemic had a devastating effect on apparel manufacturers, retailers and related logistics and support firms on a global basis.  A rash of bankruptcies was one result, including Stein Mart, Tailored Brands, Brooks Brothers, Lord & Taylor, Lucky Brand, JCPenney, Neiman Marcus, J. Crew and True Religion.
Effects included:
=         A slowdown in consumer spending on apparel and accessories.
=         Reduced store counts at retail apparel chains, and thereby lower demand for shopping center and mall space.
=         A decline in sales of luxury goods.
=         A continuing acceleration of retail to ecommerce and away from brick-and-mortar stores.
=         A shift in supply chain strategy as apparel brands want to diversify the number of nations in which their goods are manufactured.
=         A small reshoring of some types of apparel and accessories manufacturing away from Asia and back to the EU and North America.
=         Growth in sales of leisure wear for working at home.

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