{"id":166098,"date":"2020-04-08T18:25:00","date_gmt":"2020-04-08T18:25:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/fashion-industry-reels-as-coronavirus-shuts-shops-and-cancels-orders\/"},"modified":"2021-08-06T12:05:23","modified_gmt":"2021-08-06T12:05:23","slug":"fashion-industry-reels-as-coronavirus-shuts-shops-and-cancels-orders","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/fashion-industry-reels-as-coronavirus-shuts-shops-and-cancels-orders\/","title":{"rendered":"Fashion industry reels as coronavirus shuts shops and cancels orders"},"content":{"rendered":"
The coronavirus pandemic has plunged the $2.5tn (\u00a32tn) global fashion industry into crisis with a \u201csignificant number\u201d of firms expected to go bust in the next 18 months, putting millions of jobs at risk.<\/p>\n
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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.<\/p>\n