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Must Read: Global Fashion Industry to Contract by up to 30%, Lady Gaga Covers 'InStyle'

Plus, “The New York Times” Styles team releases new podcast.

These are the stories making headlines in fashion on Wednesday.

Global fashion industry to contract by up to 30%, according to new report 
Business of Fashion and McKinsey & Company have released a new report which examines in detail the effects of the coronavirus pandemic on the global fashion industry. Results indicated the industry was in serious crisis, with millions of jobs and thousands of companies at stake. The report found that the global fashion industry is predicted to contract by 27-30%, and the personal luxury goods industry is to contract by 35-39% in 2020. When life has returned to relative normality there will still be problems: Imran Amed, Founder and CEO of Business of Fashion, reports, “Once the dust settles on the immediate crisis, fashion will face a recessionary market and an industry landscape still undergoing dramatic transformation. This will require unprecedented collaboration within the industry — even between competing organizations. No company will get through the pandemic alone, and fashion players need to share data, strategies and insights on how to navigate the storm.” {Business of Fashion}

Lady Gaga covers InStyle
Lady Gaga graces InStyle‘s May issue and opens up about her love-hate relationship with social media, her mental health and politics (“We have the power to decide how we deal with one another socially. And we don’t need to place too much power in anyone’s hands. That said, I’m watching what happens. I think we all know who I will not be voting for.”) {InStyle}

The New York Times Styles team releases new podcast 
The New York Times Styles team is launching a new podcast hosted by Priya Parker, a conflict facilitator whose expertise is in how humans gather. Called Together Apart, it’s part guide, part reminder of the resiliency of the human spirit to still creatively, meaningfully gather, even while we have to be apart physically. The podcast is available on Apple podcasts here. {Fashionista Inbox}

Farfetch launches #supportboutiques 
Online luxury fashion retail platform Farfetch is supporting its community of boutique owners through this difficult time by launching its initiative, #supportboutiques. Farfetch is increasing visibility of boutique owners’ stocks on Farfetch, and helping them with logistics, marketing and operations through its platform. Farfetch partners are offering customers 25% off to encourage support, and in turn, Farfetch is charging retailers 25% less to use its platform. {Fashionista Inbox}

Why it’s okay to wear makeup during a pandemic
With people all around the world quarantined at home, it’s only natural that personal grooming habits like wearing makeup or getting dressed (in something other than sweats) would go out the window. However, there may be an upside to making the effort to put on some makeup and wearing an outfit that makes you feel good. Dr. Stewart Shankman, chief of psychology at Northwestern Memorial Hospital, told Time, “This COVID-19 pandemic is an unprecedented time of uncertainty and uncontrollability. So people putting makeup on will give them a sense of control given what’s going on outside is uncontrollable.” {Time}

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Source: Fashionista.com

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