The Coronavirus has left the economy in deep waters, and everyone is struggling to come out of this in the best possible way.
The apparel sector is one of the worst-hit sectors in India, suffering huge losses due to the prevailing corona outbreak. This might enforce many apparel retailers to resort to offering huge discounts on their existing inventory once the lockdown is lifted.
The cancellation of orders, fashion weeks and unsold inventory has left the entire fashion chain disrupted. To abide by the government orders of a nationwide lockdown, the retailers of the apparel sector pulled down their shutters which resulted in declining sales as never before.
Sandeep Chugh, Managing Director, and CEO of Benetton India said: “there is certainly no specific discounting strategy post lockdown, as a brand, we would want to uplift the sentiments of our consumers through a welcome-back strategy encapsulating season-specific offers and engagements at our stores”. Chugh further said, “We anticipate the lockdown would be lifted by/during mid-season, and that’s the time when generally mid-season offers prevail and we would mostly align with the same as per the market ecosystem.”
Forever New Country Manager Dhruv Bogra also commented on the ongoing situation, saying that the global supply chain has been severely impacted by the COVID-19 outbreak.
“Also, whether lifestyle businesses will be the last to open or they will open along with the rest is to be seen. But if the lockdown is lifted in this month we may be at the beginning of the Spring-Summer season, not necessitating an early end of season sale. However, if the opening is delayed, the Spring-summer will be on discount then,” added Spykar Lifestyles CEO Sanjay Vakharia.
The retail sector in India is said to repair itself and get back on the track within 6-12 months after the upliftment of lockdown but no assurance has been given as per now.
The coronavirus pandemic can leave an irrevocable impact on the world economy, leaving millions stuck in dreaded financial situation.