The fashion sector has shown its best face forward despite worrying over the invasion of Ukraine. The Milan Fashion Week guests and workers have vowed to go on with the shows under the shadow of the Russian invasion of Ukraine and the possible economic repercussions as the West moves towards tighter sanctions. In this time of uncertainty, having a customization solution, such as t-shirt designer software in their business models, can do wonders for fashion and apparel brands and retailers. They can empower their customers to design their t-shirts and write their opinions or slogans to stop the war. Clothing companies can also help their customers feel safe and let them customize their clothes from the comfort of their homes.
Custom T-shirt Design Tool Offers Solutions to Apparel Companies to Keep Business Going
Luxury stocks tumbled on Thursday as Russia's invasion of Ukraine threatened a wider economic fallout. The head of the Italian Fashion Council said that more than 1 billion euros worth of luxury experts is at risk due to the escalation between Ukraine and Russia. In fact, many Russian buyers have returned to Milan for the first time since the pandemic, thanks to a deal brokered with the government to recognize the Sputnik V for business travelers. Several leading luxury brands have reported losses due to the current situation between the two countries; for instance, LVMH and Kering shares were down 5 per cent midday, while Compagnie Financière Richemont was down 7 per cent and Hermès 3 per cent. On Thursday, Kering posted a white image on its corporate Instagram and Twitter accounts, with a dove as the caption. The hit comes after big fashion houses have reported rebounds to pre-pandemic levels in recent 2021 results. Despite the situation being tricky between the two countries, it is not clear whether the (European Union) EU's sanctions on Russia will include the luxury sector or not, and therefore, the EU leaders have tried to convene in Brussels evening for an emergency summit.
Several experts in the fashion and luxury industries believe that they don't have direct exposure to Russia and Ukraine, and even if they do, is still a lot less as there is no luxury products in the region, Russia, while home to high-spending clientele, only accounts for about 5 per cent of the luxury market. However, the overall impact on the global economy and global luxury spending is a threat to luxury. The biggest problem is that the invasion of Ukraine by Russia could be translated into a stiff economic reaction by the USA and the EU, which could spike energy costs and inflation and slow down the GDP growth. Indeed, in this scenario, high-end consumer feel-good would be punctured, leading to a sudden stop and step-down adjustment in high-end discretionary spend. Nevertheless, the increased tension between the two states has severely affected some companies and designers. For instance, Richemont, the parent company of Cartier and Van Cleef & Arpels, was most affected. The brand noticed this trend because both Russia and Ukraine have very high income and wealth inequality. Hence, groups operating in the Richemont, a high-end fashion company, are more likely to be exposed to the tension and will want to become equal and purchase from relatively cheaper brands. Unlike this trend, LVMH and Kering won't be in a tough position because their customer groups are more distributed to the aspirational middle class.
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