The Global Business Environment: Impact of Covid 19 on Fashion Industry

The Global Business
Environment

Table of Contents
Introduction .....................................................................................................................................3
Main body........................................................................................................................................3
Impact of Covid 19 pandemic on fashion industry ....................................................................3
Major forces that have shaped business environment of fashion industry .................................4
PESTLE analysis ........................................................................................................................4
SWOT analysis ...........................................................................................................................5
How some firms have been able to adapt better then others to the changing business
environment. ...............................................................................................................................6
Conclusion.......................................................................................................................................7
References .......................................................................................................................................8
Books and journals ....................................................................................................................8

Introduction
Fashion industry is one of the biggest industry of the world. As it is fully depends on the
customer choices and trends. Fashion industry works towards the interest of customer and their
preferences (Ali, and Garg, 2017). At the time of covid pandemic this industry is fully affected.
It is affected at every stage from retailers to supply chain management and to vendors. In this
report there is a impact of pandemic on fashion industry can be positive and negative. Then there
is a PESTLE analysis which is conducted by business. Then it includes SWOT analysis and
details about changing business environment across globally.
Main body
Impact of Covid 19 pandemic on fashion industry
The fashion industry is getting very much affected by the pandemic in 2020 as this has
affected all retailers to supply chains and to vendors. It is seen that many of the retailers have
closed there shops, there production has been end and demand was plumb. In the large
corporation and firms, they have tries a lot of save their profits and fire many of the workers
from the job. For example- H&M has recently declared that they have announced closing of 70%
of their stores in worldwide. Many of the brands have shown that there sales has been decreased
by 70% off their items. Fast fashion online retailers have been defendant of using sales as a tactic
in more customers during lock down (Coronavirus impact: H&M's March-May sales tumble by
50%, 2021). Many of the online retailers have reduced their price of their products and services.
Because they come under fire keeping stores and they cannot be able to open their shops and
stores offline and sell their products to customers at the time of lock down. At there are both
positive and negative impacts of pandemic on the fashion industry.
Positive impacts: People are understanding about the pandemic situation and also
understanding social behaviour in same situation (Anderson, and et.al., 2017). Many of the
companies are introducing new innovations and techniques in order to engage customers towards
their products and services. Fashion industry is helping to manage supply chain in all over the
country. The one of the most positive impact of pandemic is on fashion industry is that it is
increased the level of innovation among people and enterprises. Industry starts saving money
and doing low cost production, and making use of technological advancements etc.