Fashion industry reels as coronavirus shuts shops and cancels orders

Fashion industry

The coronavirus pandemic has plunged the $2.5tn (£2tn) global fashion industry into crisis with a “significant number” of firms expected to go bust in the next 18 months, putting millions of jobs at risk.

Global fashion sales are predicted to fall by up to 30% in 2020 and the luxury end of the market will be even harder hit, with sales slumping by up to 40%, according to a bleak report by the Business of Fashion (BoF) and consultants McKinsey.

Read the full article on The Guardian.