The collapse in international travel, notably a lack of Chinese tourists in western capitals, cost the industry £10 billion last year and may do the same or worse this year, analysts estimate. And the glut of stock exposed by lockdown has revealed fashion’s dirty secret: it is based on overproduction, excessive resources and cheap labour.
“The situation is worse than Sars, 9/11 and the global financial crisis put together,” says John Hooks, former right-hand man to Giorgio Armani and Ralph Lauren, who is now a leading consultant to the biggest fashion brands. But the business is all about change and it’s racing to reset faster than at any time in its history. What will it look like in future?