The COVID-19 crisis is set to take its toll on the fashion industry with a ‘significant number’ of firms expected to go into administration in the next year.
The pandemic is putting millions of jobs at risk.
Global fashion sales are predicted to fall by up to 30% in 2020.
The luxury end of the market is set to see a massive 40% slump, according to a report by the Business of Fashion (BoF) and consultants McKinsey.
At least 80 per cent of listed fashion houses in Europe and the USA will be in difficulty if stores remain shut for two months.
And without government help, many young fashion designers will have a bleak outlook.
Retailers in trouble include Cath Kidston, Laura Ashley and Debenhams.
Boots is also set to temporarily close 60 of its stores in an effort to redeploy pharmacists to busier branches.
The health and beauty retailer said most of the stores affected would be in airports, train stations, city centres and retail parks where business is slack.
Debenhams
Cath Kidston
Laura Ashley
Carphone Warehouse
CarlucciosMore businesses will be added to list that had troubled times before the #coronavirus outbreak but not strong enough to survive it
Middle market brands struggling to connect with a very different consumer pic.twitter.com/BvRyIaxubm— Kate Hardcastle MBE (@katehardcastle) April 6, 2020
