For all the talk of fashion’s digital transformation, it’s an industry that still runs on brick-and-mortar, meeting and interacting with consumers face-to-face.E-commerce has offered some small ray of hope in the shutdown, but with stores locked and associates furloughed, the web business is hardly big or profitable enough now to support troubled companies for long .
Visits, the number of orders and total sales across all countries, started dropping noticeably around March 7 and worsened through March 20, when revenues for the day were down 32 percent and visits were off 24 percent, according to the analysis. Macy’s Inc. drew $6 billion of its $25.3 billion in total revenues from the web last year — a tidy sum and a significant business, but the department store still had to furlough most of its 125,000 workers this week to conserve cash.
That brings more urgency to the question of when all of this will start to end and consumers — including the three out of four Americans under lockdown — can let loose even a little, reevaluate their financial situation and adjust accordingly. “While the COVID-19 headwinds are extremely severe and the downturn will likely be much deeper, we believe it will be shorter in duration than past recessions, setting the group up for a strong 2021 recovery,” the analyst said.
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