A perfect storm for fashion marketplaces and The careful Economy

Again we found two subjects for today’s TextileFuture Newsletter, the first one is based on an interview with Eutoprsn fashion personalities and it shows the possible conclusions by McKinsey. It is entitled “A perfect storm for fashion marketplaces”

The second item gives an idea on on how “The careful economy” could be, with statements of young people’s perspective, also by authors from McKinsey

Here starts the first feature:

A perfect storm for fashion marketplaces

By guest authors Achim Berg, Antonio Gonzalo, Hanna Grabenhofer, Miriam Lobis, and Karl-Hendrik Magnus. Achim Berg is a senior partner in McKinsey’s Frankfurt office, where Antonio Gonzalo is a partner and Karl-Hendrik Magnus is a senior partner; Hanna Grabenhofer is a consultant in the Vienna office; and Miriam Lobis is a partner in the Berlin office.

In this virtual roundtable, European fashion executives discuss digital acceleration and the role of marketplaces in light of the COVID-19 crisis.

McKinsey conducted a virtual roundtable discussion with a panel of fashion industry executives as part of the ongoing Apparel, Fashion & Luxury COVID-19-response Webex series. Below, panelists share their views on how the fashion industry will likely evolve in light of the crisis and what it will take to navigate the next normal.

About the participants

  • Maximilian Bittner is a tech entrepreneur and the CEO of Vestiaire Collective, the leading global community-driven platform for desirable preowned fashion.
  • Stefan Edl serves fashion and retail companies as the head of Transformational Retail & Fashion DACH at Facebook.
  • Boris Ewenstein is the SVP of Supply at Zalando and a member of Zalando’s executive team.
  • Stephanie Phair is the chief customer officer of Farfetch and the current chair of the British Fashion Council.
  • Albert Serrano is the CEO of Veepee (formerly vente-privee) in Spain, Europe’s largest off-price shopping club.

COVID-19 is, first and foremost, a human tragedy. As the global death toll rises, healthcare workers continue to risk their lives to combat the crisis on the front lines. Solving this humanitarian challenge is, of course, the top priority, and much remains to be done globally to respond and recover.

In addition to the concern about the very real impact on human lives, businesses in every sector are grappling with an uncertain future while working to develop responses that best serve their vulnerable employees, customers, and suppliers—and the fashion marketplace industry is not immune.

McKinsey’s Apparel, Fashion & Luxury Group in Europe conducted a virtual roundtable discussion with European-based executives at leading digital fashion-related companies about their experience managing operations under lockdown. The panelists included Maximilian Bittner, chief executive officer of Vestiaire Collective; Stefan Edl, head of Trans/formational Retail & Fashion DACH at Facebook; Boris Ewenstein, SVP of Supply at Zalando; Stephanie Phair, chief customer officer of Farfetch; and Albert Serrano, CEO of Veepee, a group representing a range of categories and segments: off-price players, luxury companies, social media, and digital-only marketplaces. The McKinsey team of Achim Berg, Karl-Hendrik Magnus, Antonio Gonzalo, Miriam Lobis, and Hanna Grabenhofer developed and guided the conversation and subsequent Q&A.

The panelists offer perspectives on the main difficulties they face, the measures that have proven most successful in mitigating the human and business impact of the virus, and how their operational emphasis has shifted at different stages of the pandemic.

They agree that the crisis has accelerated the use of digital and believe that the opportunities and paradigm shifts that have emerged will persevere postcrisis. Companies will communicate, engage, and interact with customers in new ways. At the same time, consumption is changing. Because consumers are looking for purpose and sustainability, a company’s mission is becoming more important than ever. And because the next normal is here to stay, fashion companies must be ready to embrace innovation.

Interview transcript

McKinsey: Let’s start with an opening statement from each of you. You all occupy a unique position: closely connected with both consumers and brands and getting input from multiple sources. How have the past weeks played out for you?

Stephanie Phair, Farfetch: Over the last four to six weeks, we experienced an unprecedented series of events. This is foremost a humanitarian crisis, and fashion is not at the top of consumers’ minds—they are primarily worried about health. But recently they have been shopping for fashion again—whether as a pastime, passion, or way to have fun. And online players have seen that the demand curve is in line with the state of the crisis. At Farfetch, we have been thinking about how we can manage this crisis in the short term and then move on to the long term. One thing we realized is that you have to go back to your mission. Why do you matter? What do you stand for? Sales should only be an outcome of the answers to these questions.

Boris Ewenstein, Zalando: The next normal is that I’m talking to you from my daughter’s bedroom. The situation has been a mix of shock and opportunities. In January/February, we were looking at supply-side risks. How do we ensure that our logistics are functioning properly and that there is sufficient production and product to supply? Then it was March and the tide turned as we faced the issue of too much stock. It was a huge swing: from potentially having too little to having way too much. We saw a similar swing in terms of planning. Business performed as expected in January and February. In March, demand dried up. But after March 30, the landscape changed again. People who would have bought offline before are now moving into online. Of our 32 million active customers as of March 31, 17 percent are new (year over year). We sold one million items just over Easter via our direct-to-consumer partner program, which is up more than 100 % from last year. Similarly, new sign-ups to the Partner Program were up 150 % from February to March.

There are shocks and opportunities for fashion players

Albert Serrano, Veepee: Everything is about people. In the beginning you want to understand how your people are doing and how you can support them. Our business is logistics-heavy, and people were working in areas hit hard by the crisis. They were our first priority. Second, for an off-price business, you need demand. January and February were difficult for us, but now business is doing well: we are getting more and more brands as they have a lot of stock—new customers, new offers. But there is a big question mark on how this will evolve.

We are getting more and more brands—new customers, new offers. But there is a big question mark on how this will evolve.

Maximilian Bittner, Vestiaire Collective: For us, the shift started in January, as we have business in Hong Kong. In the last four to five weeks it has intensified. It’s an interesting time because we interact with consumers on both the buying and selling side. Consumer sales on our platform dropped during the first lockdown, but now that people have figured out the more important things, they are buying again. And now sales are accelerating. We are 15 to 20 percent above February’s level and experiencing record days. We see a similar pattern on the selling side. There are always two sides to the story, and the reselling side is much more serious right now as sellers are experiencing uncertainty and financial distress. In this situation, they are happy that they can monetize their wardrobes.

On our platform, we have not talked about discounts, but about community. People are passionate about belonging and togetherness. We started a series of charity sales with a range of profiles, including Kate Moss, to raise money, which were very successful.

We have not talked about discounts, but about community. People are passionate about belonging and togetherness.

Stefan Edl, Facebook: I was surprised by how fast people adapted to working from home. High demand exists for digital insights, and companies want to switch into our offered products faster. Usage is up a lot. Time spent on Instagram increased rapidly,  and the number of reviews went up as well. There is a clear shift to online shopping. Brands are innovative—examples include advertising for a client concierge service or selling directly via Facebook live.

McKinsey: What works in this next normal? How do you generate traffic and activate consumers?

Stephanie Phair: What works is that people want authentic communication from the company. They want to buy from companies that have a mission. Farfetch refocused on its core values. We started the company after the financial crisis to bring together small companies who have a great curated assortment and should be given a broad audience. This mission statement could not be more important now. So we really highlight the human aspect and story. Fashion is the product, but it also takes the curator—by which I mean boutiques and brands (the creators)—to give the product meaning. The key points are storytelling, meaning, purpose.

People want authentic communication and to buy from companies with a mission. Farfetch is refocusing on its core values

This approach is working, and consumers have a broader mindset—including about shopping locally. They think about small retailers. Our partners need us to monetize their stock and tell their story. Flexibility in our business model has meant companies can operate through us. We are the business partner for them.

McKinsey: There are also special programs in place to support smaller retailers. What are their demands?

Stephanie Phair: We serve independent retailers, larger retailers, brands. This is multifaceted. Our partners realize the power of our business model, especially in a time when they are unable to welcome their customers physically into their stores. COVID-19 could accelerate the shift to digital in luxury fashion. Now brands really want to find a great partner that works with them. Harrods went live on February 22 with Farfetch Platform Solutions, and, as they unfortunately cannot have their retail store open, this is a way they can still serve their customers. And there is something around innovation. If you are a technology business, that is your DNA. There is a lot of demand for start-up innovation. Brands wonder how they can use technology to continue design. We link them to start-ups with 3D design, digital showrooms.

Thus, we help in two ways: direct to consumer and technology

Boris Ewenstein: First, social is a matter of not just channels, but tone of voice. Second, we really want to show support for brands and retailers during the crisis: we want to support all kinds of fashion brands, designers, and retailers suffering from the effects of the coronavirus crisis and strengthen the diversity of the industry. That’s why Zalando now offers immediate solutions to increase liquidity, clear overstock, and launch or expand direct-to-consumer business. For small to midsize partners, we will push on-site visibility worth EUR 5 million via Zalando Marketing Services until the end of 2020 because we believe our partner program is the best way for smaller brands to put their creations in front of millions of customers.

We took out loans to pay partners faster. We also have initiated measures for brick-and-mortar retailers to uphold parts of their business during the lockdowns. Until May 31, partners in the Connected Retail program can sell via the platform without paying commission fees. This led to around 35,000 items sold by brick-and-mortar stores over the Easter weekend alone. So far, we have connected over 1,500 offline shops to the Zalando platform. Over the past two weeks, we have received more than 160 requests from retailers to join the program, growing the Connected Retail network by more than 1,500 stores over the weeks to come. We are seeing our partner program accelerate through our direct-to-consumer offering. Since the beginning of the crisis we have seen existing partners expanding way quicker into more markets than initially agreed: the number of countries to which brand partners have expanded has tripled.

McKinsey: What are some of the changes you’re seeing as a result of the crisis?

Maximilian Bittner: The point is not to just keep the consumption machine going. This event is changing our world and what people think is important. It’s a wake-up call. Sustainability is becoming a bigger part of the decision-making process. People are more conscious of what they buy and what impact that product has—the ethical side is coming to the forefront. And the economic impact will be apparent. We haven’t seen big price drops. But consumers might trade down as they did in 2008, when people shifted to cheaper food-shopping channels and never shifted back. We believe we can make a positive contribution because we are a selling machine that gives people the ability to monetize their wardrobes and connects people around the world to help them through this crisis.

This event is changing our world and what people think is important. It is a wake-up call. Sustainability is becoming a bigger part of the decision-making process.

Albert Serrano: How are we differentiating ourselves? By going back to our core business. And off-price has always been our core. Brands are asking us to work in this area with them. While there might be a “discount war,” we think we have advantages in this world. The way you sell discount is much more important than just the sales themselves. There will be a lot of competition but also twice the stock, and we offer a place for players to deal with this situation.

Boris Ewenstein: With everyday life changing so significantly for most of us, we’re seeing a shift in customer demand and an increase in loungewear, skincare, and sports products. Yoga-wear sales have spiked over the past weeks, doubling last year’s sales within the same time period. The share of existing customers that have bought sportswear from us for the first time has also doubled compared to last year. In line with increasing demand in sportswear, Zalando has launched its first-ever remotely produced marketing campaign, #TogetherIAmStrong, inspiring customers to stay active at home.

McKinsey: What are people thinking out there? When will consumers have an appetite for fashion again? When will consumer sentiment bounce back?

Stefan Edl: There already is an appetite. Some categories are growing: home wear, sports, casual. Businesses need to communicate in an authentic way. So, the question is, how do you produce content? We recommend apps for this. How do you tell different stories? How do you use existing material? Recovery depends on how quickly businesses can adapt—and everyone should adapt. It is important to set realistic expectations in terms of product delivery, product credibility, etc. You have to be customer-centric.

Recovery depends on how quickly businesses can adapt—and everybody has to

McKinsey: Participants in this virtual roundtable have asked us a lot about discounting. We have done some analyses based on the MGFI (McKinsey Global Fashion Index) that show there will be around EUR 35 billion to 45 billion in overstock from the spring/summer 2020 season. What levels of discounting will be required to get rid of this overstock?

Stephanie Phair: Obviously there is an inventory pileup right now; we remember 2008 and how big department stores had to use huge discounts back then. Right now, our boutique partners provide a 25-percent discount on our site. Farfetch matches this by waiving 25 percent of our charge to boutiques to sell through our marketplace. But there are some systemic issues of what happens in fashion. Large uncontrolled wholesale players do not seem to work anymore. There are fundamental issues in the fashion ecosystem that this crisis is making us think about. Brands want to move into concessions (offline or online). They want to have more control. Consumers are motivated by price, and economic agents will reduce the price in response. But this opportunity should be used to rethink the fashion business: sustainability, no more overproduction. This opportunity to change the business should not go to waste.

This crisis is forcing us to think about fundamental issues in the fashion ecosystem

Boris Ewenstein: Once stores open, discounts will likely be massive. We are trying to help our brands ease stock pressure now. Platforms are accelerating. We want to help bring our partners into the driver’s seat on their platform business. Our off-price channel Zalando Lounge offers consignment deals and takes care of order fulfillment. We are also creating a dedicated sales event for partners that will take place at the beginning of May so that they can release some of their immediate stock pressure.

Once stores open, discounts will likely be massive

McKinsey: Let’s talk about marketing budget. Is this the time to increase it or to invest instead?

Stefan Edl: It depends on the brand. But generally, yes, it’s the time to invest—in your brand and your e-commerce marketing. Don’t neglect measuring the right KPIs, and make use of automation. Having systems in place provides these opportunities and companies should make sure that they set the right targets for campaigns.

McKinsey: Our analyses show that in from April to September, 35 to 40 percent of all sales will take place online. But the question arises: Is digital here to stay?

And looking further into the future, when will we have the first normal season again?

Stephanie Phair: Is digital here to stay? Absolutely. It was growing already, and this will likely accelerate it. I don’t think we will go back to normal and hope we don’t miss this opportunity to use consumer feedback to move the industry in the right direction and fulfill our missions.

Boris Ewenstein: I’m very excited about our completely new partners but also about customers who have never shopped with us or even shopped online before. People have said that our brand is geared toward younger shoppers, but this perception is now changing.

Normality for the industry’s mega-winners might arrive in spring/summer 2021, bringing them a more normal, plannable future. For smaller players, it’s more difficult.

Albert Serrano: It’s important to understand that the fashion industry is full of small brands and many will not survive, especially in countries where the market is not big enough. In Southern Europe, digital is not as big as it is elsewhere. The idea of going back to normal there will be different, and there will be fewer brands.

It is important to understand the fashion industry is full of small brands and many will not survive, especially in countries where the market is not big enough

Maximilian Bittner: A world where my parents, who are in their 70s, are asking to have Zoom chats with their grandchildren is a crash course in digitization. And once you’ve made new habits, they are hard to break. Are things going back to normal? I don’t know what normal is. Will we be able to travel internationally in the coming months? Will Chinese tourists come to Paris in the next six, ten, or twelve months? I doubt it. The new normal will be different.

Stefan Edl: More digital is a definite. People will also change their behavior and be more mindful about traveling, etc. But I’m looking forward to innovation: things are speeding up and companies are very open to developing new solutions.

When will we go back to normal? I hope it will be mid-2021, at least for Germany. Across the globe, we will see.

Summary of key lessons and best practices for thriving in the new normal:

  • Focus on and reemphasize your company’s mission. Consumers are looking for purpose in this world of uncertainty. Staying true to who you are as a brand is authentic and infuses your products with value.
  • Accelerate digital change. Consumer behavior will likely change in the long term, and online and social channels will pick up momentum even directly after the immediate COVID-19 crisis. It is important to reevaluate your company’s digital positioning, grow opportunities, invest in marketing, and find strong collaboration partners.
  • Reinfuse value in your products and avoid steep discounting through innovative approaches like upcycling, reusing items for different seasons, or using discreet off-price channels.
  • Push your company’s sustainability goals further as consumers are developing a heightened sense of environmental goals as we come out of the crisis.
  • Use this opportunity to reimagine what the fashion life cycle should look like in terms of speed, overproduction, and consumption to change things for the better.

www.mckinsey.com

Here starts the second item:

The careful economy

How financial stability, security, and safety are being redefined for an uncertain future

July 2020 was supposed to be a great month for Naomi. After a lot of hard work, the 50-year-old childcare-center worker was set to complete her studies and become a fully qualified teacher in Singapore, where she lives with her husband, mother, and niece in a cramped four-room apartment.

The new credential would have opened doors, giving Naomi chances at more fulfilling work and higher income. But COVID-19 has delayed those dreams for now. Instead, Naomi will carry on her work indefinitely at the center, which has so far remained open throughout the crisis to look after the children of essential workers.

Naomi does not live extravagantly. In her spare time, she loves to read, shop, and craft with recycled materials. On top of her modest income, her family receives some COVID-19 relief aid from the Singapore government. Still, the crisis has changed how she and her household think about money.

“Money right now is very precious,” she told us. “I don’t think it’s wise to shop online for new clothing and other things that are not important. The money that we have is mainly for our daily needs, like food and transportation to work.”

Naomi’s view and the experience of others we have interviewed line up with broader trends we see today in consumer behaviour. Discretionary’s ending has fallen, the result of mass unemployment, wage decreases, the realities of living under shelter-in-place orders, and general uncertainty about the future. The crisis has also disproportionately affected minority communities, such as black Americans.

Looking ahead, consumers globally have a pessimistic or unsure view of their country’s economic outlook. China is a notable exception: half of consumers there expect the economy to rebound in the next few months as the country emerges from lockdown.

But how will consumers actually behave when the next normal arrives? Will we see what the Financial Times’ Pilita Clark called “a pent-up splurge of excess”? Some people we spoke to, as you’ll see below, suggest that we will. Will our lockdown-induced self-reflections lead to a longer-lasting change not only in people’s outlook but also in how they spend their hard-earned money?

Our key takeaways

In the near term, business leaders will need to confront a big question: how will their offerings deliver value in new ways that empathize with the newly careful consumer?

Academic studies have found that past economic crises led to noticeable shifts in how consumers behave. Our research indicates that the economic impact of the COVID-19 crisis could lead to similar changes. What we’ve learned is that people around the world are thinking carefully about the future; they are searching for more financial stability, safety, and security amid rising uncertainty.

Yet what has struck us most is how much those goals—and what they mean to people—have changed.

“The transition to quarantine life may have been rapid and shocking, but the emergence from it will be slow and cautious, with the next normal looming just on the horizon.”

In search of stability

People told us that their sense of personal financial stability is tied most closely to their jobs, but how they assess which jobs and industries offer stability has changed. From now on, thinking about a career or business move often will mean asking, “How pandemic-proof is it?”

Some people asking that question about their current jobs are considering new careers. Arian, 35, is a new dad and self-employed real-estate broker in Chicago. His work, while susceptible to market trends, had always felt stable before the outbreak. But since the lockdown began, he has been unable to work and is now considering a “more typical nine-to-five job,” especially given the financial responsibilities to his expanded family and the uncertainty of how quickly his business will pick up again.

Others, like Naomi, have put professional aspirations on hold. Lucas, a 36-year-old father of two in Melbourne, has been a chef for 18 years. Before the outbreak, he dreamed of opening his own restaurant. Now he’s set aside that plan indefinitely. “With the current climate, we don’t know what’s going to happen,” he told us. “I have a stable job, so for now I’m better off just staying in it.”

It is also worth noting that some of those we talked to are grateful to be right where they are. This feeling was common among those who work in areas of the economy that are seeing an uptick in business or considered essential. Liam, 52, who coordinates logistics for a shipping company in Sydney, summed this up: “If anything, we’re lucky that we’re part of a sector the government has advised needs to stay up and running.”

Nevertheless, he too wonders what his future holds. “If this keeps up and I lose my job,” he said, “how will I support myself and my family?”

Security against uncertainty

The idea of financial security—how people think about spending and saving—has also changed. Those who can save at all said they hope to save more in the future to protect themselves against the next crisis or unemployment.

“Save more” was a common refrain no matter where people live, how much they earn, or whether they had been laid off or had their wages cut. The pay of Caron, a 31-year-old who lives in Houston, was cut by a third during the crisis. “Luckily I’d saved some money before,” he told us, “and I think I’ll definitely look into saving more in the future.”

Meanwhile, people have put off big purchases like homes and new cars. Three of those in the US we interviewed who were planning to buy homes soon have delayed their plans. “There are just so many questions in the air,” said Nicole, a 40-year-old Dallas woman, “so we decided to just put it off by a year and revisit it again then.”

Family-planning decisions are also being affected. Jing, a 32-year-old woman in Shanghai, said, “We still want to have a baby and will stay healthy to prepare for it, but we will delay the plan to the time when the whole situation is getting better.”

Mason, 38, plans to save more in anticipation of future economic uncertainty

Even the little things are being reassessed in this environment. Zara, from the UK, never had what she called “money worries” before this crisis. “This has definitely changed my outlook, and I will be a lot more focused on what I’m spending in the future,” she told us. “I won’t be buying unnecessary things like coffee or lunches out.”

Scenario planning for safety

The coronavirus crisis has created unprecedented levels of mass unemployment in markets around the world. The widespread shock has made people reflect on their own safeguards and contingency plans in ways they never have before.

Stefania, 35, is out of work and like many has cut back her spending on all but the essentials

In some ways, this could indicate a natural recalibration of risk after years of prosperity and a realization of our own optimism bias.In others ways, though, we heard it as a fundamental resetting of people’s personal worst-case economic scenarios. Benedetta, 44, lives with her partner and two children in Rome. Her job as an administrative secretary in an accountant’s office is safe, but her hours have been cut by 50 percent. “Although I have a permanent job,” she said, “I realize now that the economic crisis could be serious enough to affect us too. We have taken a cautious attitude.”

In response, some are investing in self-improvement to strengthen their sense of safety and resilience. In Guangzhou, Xiuying, 30, is focused on improving her skills. “I have a stable job with a fine salary, but now I think part of stability is making yourself resilient and irreplaceable,” she told us. “Through this pandemic, I feel the urge to improve my own skills for potential career changes.” Parag in Pune, India, agreed. “Spend money on something meaningful, on self-development,” he said. “Learn something new with that money.”

One distinction we have noticed among those we interviewed was their level of confidence in their government’s ability to provide unemployment benefits. In areas where that confidence is low, people are also considering ways to diversify their income streams: setting up, or doubling down on, existing online businesses or taking on additional part-time work.

Despite all this, there are indications that as countries reopen we could see temporary spikes in spending in certain categories, such as travel. People said they plan to travel locally first to see family and friends again, and after that, to take vacations farther afield. This sentiment was strongest in countries in the lead on the path to the next normal, such as China. “I’ll indulge in spending for all my missed entertainment,” Jun in Shanghai told us, “such as travel, karaoke, and movies with friends.”

Spending in general, behavioural research suggests, is likely to be one way that people choose to express a sense of control over their lives as we emerge from the crisis. Work by behavioural scientists at Rutgers University, for instance, has revealed that “stress leads consumers to save money in general but spend strategically on products that they perceive as necessities.”

In the near term, business leaders need to confront a big question: How will their offerings deliver value in new ways that empathize with the newly careful consumer? One way, an article the Harvard Business Review suggests, might be to measure people’s emotional responses to the crisis, as well as the way they prioritize purchasing decisions, and then approach the different segments of their market accordingly. Another is to prioritize customer experience as a differentiator, as consumers are more judicious with their spending.

Thinking in the longer term, another question for leaders arises: Could we see a sustained decline in consumer confidence and a spike in savings rates? What we’re hearing certainly suggests it’s a strong possibility—and a trend likely to endure for some time. The transition to quarantine life may have been rapid and shocking, but the emergence from it will likely be slow and cautious, with the next normal looming on the horizon.

www.mckensey.com

The TextileFuture Newsleter of last week

Feeding the world sustainably, and, What makes a popular Luxury Fashion Brand?  https://textile-future.com/?p=47136   

The highlights of TextileFuture’s News of last week. For your convenience just click on the feature.

AATCC

Call for presentations on behalf of the association’s Centennial https://textile-future.com/?p=47338

Acquisitions

Tiffany Stays One Step Ahead of LVMH https://textile-future.com/?p=47250

Baldwin Technology acquires UV pioneer Western Quartz Products https://textile-future.com/?p=47257

Automotives

“Autoneum Pure.”: new sustainability label for products https://textile-future.com/?p=47280

Batteries

BASF’s battery materials plants in Europe advance as planned https://textile-future.com/?p=47466 

Circle Economy

Going Full Circle – Designers Transform Used Garments into One-of-a Kind-Pieces https://textile-future.com/?p=47348

Consumer Sentiment

McKinsey – Consumer sentiment is evolving as countries around the world begin to reopen https://textile-future.com/?p=47378

Companies

Still Some Loose Ends at Stitch Fix https://textile-future.com/?p=47232

Macy’s raises USD 4.5 billion, says it has ‘sufficient liquidity’ to weather pandemic https://textile-future.com/?p=47287

Oerlikon Manmade Fibers opens new sales and service office in Shanghai, China https://textile-future.com/?p=47297

Data

The U.S. economy entered a recession in February 2020 https://textile-future.com/?p=47211

Record rise in OECD unemployment rate in April 2020 https://textile-future.com/?p=47221

ITMF – Worldwide Shipments of New Textile Machinery Decreased in 2019  https://textile-future.com/?p=47294

Record fall in G20 GDP in first quarter of 2020 https://textile-future.com/?p=47307

WTO report looks at trade developments in poorest countries in wake of COVID-19 https://textile-future.com/?p=47367

Swiss Price Index in May 2020 https://textile-future.com/?p=47452

3D Printing

DLP 3D Printing: Mechanical & Strain-Sensing for Carbon Nanotube Reinforced Composites https://textile-future.com/?p=47442

Events

Premium and Neonyt: From Berlin to Frankfurt, Germany https://textile-future.com/?p=47236

World Congress on TextileCoating – Supplementary Call for Papers https://textile-future.com/?p=47321

IFAI – Women in Textile Summit 2021 https://textile-future.com/?p=47413

Expertise                 

Expertise in alternative fibres at FET in UK https://textile-future.com/?p=47168 

Fast Fashion

Zara owner to Close 1200 Stores as It Outlines Post-Coronavirus Future https://textile-future.com/?p=47406 

Google

Google is tracking sustainable raw materials. Will fashion buy in? https://textile-future.com/?p=47420

IMF

IMF Managing Director’s Opening Remarks From Great Lockdown to Great Transformation  U.S. Chamber of Commerce, June 9, 2020 https://textile-future.com/?p=47269

Strengthening economic institutions for a resilient recovery https://textile-future.com/?p=47261

India

How India became The Second Largest Supplier Of PPE In Two Months https://textile-future.com/?p=47282

Indian Navy Designed PPE Gets Nod For Mass Production https://textile-future.com/?p=47290

India – Huge Supply – Things are Improving,  but not Cotton https://textile-future.com/?p=47314

1200 jobs disappear as factory closes in India https://textile-future.com/?p=47450

Innovation

Innovative textiles for face masks can directly inactivate SARS-CoV-2 as researchers from Freie Universität Berlin and RWTH Aachen University have proven https://textile-future.com/?p=47324

Noise

More privacy thanks to acoustic foams made from Covestro raw materials https://textile-future.com/?p=47158

Pandemic

Do not be Misled warns AATCC https://textile-future.com/?p=47185

HeiQ Viroblock tested successfully against virus that causes COVID-19  https://textile-future.com/?p=47187

AATCC Guidance for Making a Better Face Covering https://textile-future.com/?p=47229

BASF supports search for active ingredients to combat coronavirus SARS-CoV-2 https://textile-future.com/?p=47277

Production during the corona crisis: Oerlikon protects employees with innovative distance-warning technology https://textile-future.com/?p=47344  

Personalities

Giovanna Battaglia Engelbert joins Swarovski as Creative Director https://textile-future.com/?p=47193

Gabriele Schallegger appointed new CFO of Semperit https://textile-future.com/?p=47193

Lonza appoints New Chief Executive Officer https://textile-future.com/?p=47193 

Retailing

Resale growth during Covid-19: sellers engage in ‘quarantine clean out frenzies’ https://textile-future.com/?p=47424

Robotics

World Robotics R&D Programme https://textile-future.com/?p=47215 

Sustainability

ISKO’s first Sustainability Impact Report published https://textile-future.com/?p=47327

Webinars

Two Coresight Conversations next week with BJ’s Wholesale and Zebra https://textile-future.com/?p=47403

WTO

Mexico nominates Mr Jesús Seade Kuri for post of WTO Director-General https://textile-future.com/?p=47205