Covid-19 pandemic has played havoc with the Indian fashion industry. With supply chains choked and workforce absent, the global industry is looking at “sales being down 30%-40%.” Most of the companies are trying to survive by focusing on protecting their employees and their liquidity. In a time like this, MEDUSA’s Founder Sonal Jindal warns that Corona will force the fashion industry to go sustainable. There are no two ways about it.
The Apparel Export Promotion Council (AEPC) has predicted that with almost 65% of apparel exporters’ payments, to the tune of $2 billion, are in a limbo right now. This is going to create a rather large hole in the pocket of the Indian apparel industry post-COVID-19 crisis.
In such a situation, the only way to move past this huge wall is a sustainable model of development, says Sonal Jindal. This award-winning businesswoman feels that there is going to be a huge economic impact of Corona on the fashion industry in India and abroad. However, she advises, “Instead of being bogged down by all this, we must move forward with innovative solutions, one of which is rebuilding a more sustainable fashion industry.”
So far, we have not taken into account the cost of fashion for our planet. This attitude has to change, feels Sonal and she says all of us will have to reaffirm sustainability, reduce the impact on environment, and amplify social responsibility.
As per a study of Boston Consulting Group, SAC, and the Higg Co., titled, “Rebuilding a More Sustainable Fashion Industry After COVID-19,” more than 30% of the fashion business in 2020 will be wiped out due to reduced or canceled orders. That is not all, because there is an “impending economic crisis” after all this will be over, says the study.
In a similar vein, Sonal Jindal cautions too, “The stakeholders of fashion have to adopt sustainability as the mantra of the day and value sustainable partnerships if it has to reach the other side of the pandemic with the least amount of damage to its coffers.”
Today, the most significant worry for the sector is backsliding on progress made so far but that can be addressed if the Indian fashion and apparel industries come together to pitch in for a safe and sustainable future of this business.