From the Economist / fashion retailers reduced prices by up to 70%, the entire season stock went waste due to epidemic

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·      Annual sales may fall by 25% or Rs 9100 crore due to Kovid-19 epidemic.

·      The lockdown in Europe, America has caused tremendous damage to fashion retailers as they do not sell essential commodities.



London. Simon Wolfson, the boss of British fashion retailer Next, says no one wants to buy new clothes to sit in the house. He was talking to an analyst in March. He said that annual sales could fall by 25% or Rs 9100 crore due to the Kovid-19 epidemic. The lockdown in Europe, America has caused tremendous damage to fashion retailers. Since they do not sell essential goods, they have to close their warehouses. Online sales have also been stopped. Many retailers offer online discounts of up to 70%.


Clothing sales were halved

Many retail items, especially apparel, go out of fashion and style. Inditex, the world's largest retail company, has said that its stock of Rs 2,400 crore will become worthless. Anisha Sharman of research firm Bernstein says other fashion retailers have the same situation. Retail sales in the US declined 8.7% from February in March. Sales of clothes have been halved. Consultancy firm McKinsey KN Alicke says retailers always cancel orders faster. This increases the difficulties for suppliers. All customers of small suppliers suddenly start going.

Retailers are giving huge discounts to deal with the epidemic 

To deal with the epidemic, retailers have resorted to heavy discounts. Swedish company H&M has reduced the price by 70%. The American company GAP has given a 50% discount on online sales of women's clothing. Uniqlo of Japan is selling pants and leggings on the Internet at a very low price.
Another method is to abruptly cancel the order. The British firm Mark & ​​Spencer canceled all orders in late March. So far, American and European retailers have canceled garment orders worth about Rs 12,000 crore from Bangladesh. In such a situation suppliers can go to court. Withdrawal restrictions

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