Fashion industry reels as coronavirus shuts shops and cancels orders
by Zoe Wood from on (#51W38)
Report warns 80% of firms face a highly uncertain future if stores close for two months
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.
Related: Primark announces wage fund for garment workers
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