Plus, Meredith launches new magazine with Ayesha Curry.
These are the stories making headlines in fashion on Wednesday.
How the pandemic will impact fast fashion
Before the coronavirus pandemic, fast fashion brands like Forever 21, H&M and Zara were already struggling and going through major upheaval, but the outbreak has exacerbated an already dire situation. Neil Saunders, managing director of GlobalData Retail, told Refinery29, “One of the issues with fast fashion is a lot of it is impulse and occasion driven. Impulse-purchasing drops massively when consumers can’t visit stores…and as people are going to fewer events and having fewer nights out, occasion-driven purchasing drops back, too.” {Refinery29}
The death of the department store
It looks like it may be the end of the golden age of American department stores. The already flailing industry has been hit hard by the coronavirus pandemic, and instead of retailers placing orders for the all-important holiday shopping season, stores are furloughing employees and frantically figuring out how to survive this crisis. Mark A. Cohen, the director of retail studies at Columbia University’s Business School told The New York Times, “The department stores, which have been failing slowly for a very long time, really don’t get over this. The genre is toast, and looking at the other side of this, there are very few who are likely to survive.” {The New York Times}
Meredith launches new magazine, Sweet July, with Ayesha Curry
The media conglomerate Meredith Corporation is launching a new quarterly lifestyle magazine, Sweet July. Created in collaboration with Ayesha Curry, the magazine focuses on food and lifestyle. “The theme for this first issue is all about presence and finding gratitude in life’s moments—big and small”, Curry told Ad Age. “It’s a mindset that’s more important than ever right now, and something that can resonate with a lot of people adjusting to their new normal.” {Ad Age}
Capri Holdings Lte. announces corporate social responsibility goals
On the 50th anniversary of Earth Day, global fashion luxury group Capri Holdings Limited (NYSE:CPRI), owner of Michael Kors and Versace, is releasing its first group-wide corporate social responsibility strategy. The report will expand upon impactful initiatives that the company’s brands have been working on, such as working towards making all plastic in packaging recyclable, compostable, recycled or reusable by 2025. {Fashionista Inbox}
Source: Fashionista.com
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