As the fashion industry emerges from 2020, it looks significantly different than it did pre-pandemic.
Sourcing Journal’s Sourcing Report 2021, sponsored by Applied DNA Sciences, Hansae, Lectra, Lenzing, NetSuite, SOURCING at MAGIC Online and Tradewind, delves into the state of apparel and footwear supply chains as the business heads into the new year.
The hurdles of 2020, including overstocks, closed stores and stalled orders, spurred the industry to act and embrace long talked about innovations and changes out of necessity. Within product development, digital design tools have become vital for an industry collaborating remotely, and they come with the added benefits of reduced costs and shorter lead times. Meanwhile, some retailers adopted more conservative buying strategies, which enabled them to ease promotional pressure and improve profits in a challenging climate.
Even as fashion reckons with the new normal and continued uncertainty, it can’t ignore its impact on people and planet. Environmental sustainability remains a key priority for fashion brands and their suppliers, but issues including forced labor in China’s Xinjiang Uyghur Autonomous Region and workers’ financial strains amid factory and retail furloughs have pushed social responsibility to the forefront.
One lesson from fashion’s Covid-era evolution is collaboration. During and after the coronavirus, partnerships between brands and vendors will be crucial to unlock greater opportunities to optimize operations.
Read the report to discover:
- The outlook for sourcing from China, India, Bangladesh, Latin America, Canada and more
- What to expect from the Biden administration on trade
- How VF’s EVP is innovating, Tapestry’s CEO is prioritizing diversity and Ralph Lauren’s EVP is slashing timelines
- Why retailers and brands including Tommy Hilfiger and Levi Strauss are embracing digital design and sampling
- What’s in store for raw material pricing and procurement
- How to salvage retailer-supplier relationships at the breaking point
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