From digital fashion shows to forays into the world of gaming, the pandemic has forced fashion brands to innovate and prepare themselves for the future.
In 2020, the fashion industry suffered its worst year on record, as confirmed in The State of Fashion 2021 report published last December by The Business of Fashion and McKinsey & Company.
Sales fell and supply chains were interrupted. According to the McKinsey Global Fashion Index, fashion companies faced a staggering 90% decline in profits, following an increase of 4% in 2019. “The impact of the pandemic on the fashion and luxury industry has been extreme,” explains Paolo Pasini, professor of IT/digital management at the SDA Bocconi School of Management.
“Phygital” is a simple neologism: the combination of “physical” and “digital”. Within the fashion industry, the Phygital concept consists of combining in-person catwalks with virtual fashion shows; a phenomenon that began to be explored after the start of the pandemic and continues today as we strive to remain conscious of the global fight against COVID-19.
At Splash by Lo, we responded to this economic paralysis with overlapping creative approaches to style and art. Our meetings became virtual, with an exclusive customer area and the digital publication of our collection on our website. What’s more, we activated our social channels to present all our newest releases and generate a more bi-directional communication channel.
Our vocabulary has transformed and we have incorporated some new additions related to innovation, digitalisation and sustainability (ecocean) in the world of fashion. Without a doubt, the pandemic was a wake-up call from nature, pushing us towards a more sustainable future. During lockdown, huge players within the industry sparked debate by raising awareness on the importance of readjusting to new business models and means of production.
But the real question is this: will these practices continue when social-distancing measures disappear?