Impact of Pandemic on Fashion Industry

Impact of pandemic in Fashion
Industry

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
PESTEL analysis:........................................................................................................................3
Porter's Diamond Model:.............................................................................................................5
Porter's five forces on fashion industries in pandemic................................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Impact of pandemic are the economical and social disruption which is caused by it on the
lives of millions of people. The impact of pandemic has been great of all kind of business
organizations including fashion industry. This project will explain the impact caused by
pandemic on fashion related organizations related to their external factors with the help of Pestle
analysis. With the help of porter's five forces this project will examine how has the pandemic
affected the competitive aspects of businesses. In this project Porter's diamond will be used for
comparing how the success of fashion industries changed in different places or industry during
the pandemic.
MAIN BODY
PESTEL analysis:
Covid-19 pandemic has affected the fashion industry to a greater extends than anyone
could think about it. Clothing and fashion retail industry has always been a major business for
UK. The rising death rates, starvation, unemployment, lock-downs and many more such issues
are the results of this pandemic. PESTEL analysis will look through all the factors affecting
industry during a pandemic.
Political factors: Fashion industry in UK has a global reputation. Government has the
power to make the company buy fabrics fro their own countries in cases where taxation on
imports is high. There are groups like PETA who are boycotting against many major brands like
Fendi, Dior and even Benetton groups for using fur from animals but there are some brands like
Gucci who went fur free (Schrøder, Kongsgaard and Berthelsen, 2017). Fashion industries have
asked for financial support from the government because of the recent lock-downs. Half the
industry is going into unsustainable future.
Brexit uncertainty which is UK withdrawing itself from European Union has caused a lot
of concerns. UK imports cloths and shoes from Europe in heavy quantity, if trade relation of UK
with Europe disappear industry will have to pay more for the same quantity and this will result in
price hikes for such items. Even Political figures plays an important role as they influence on the
industry with they wear. Clothing can go beyond being just fashion to expressing political
statements.