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Note: The ability and speed to adapt to the new environment will be the key factor in determining the success of the brands.6Classic stores to experiential placesToday, brands need to make their physical stores instagrammable, sharable and relatable to entice millennials and Gen Z who breathe in the digital world. However, while doing this, they must stick to their brand’s DNA and core values. This will make the brand authentic and meaningful for the new generation.

Stefan Larsson, PVH President said, “Together, Daniel and Martijn have instilled a future-focused vision, putting consumers at its core and creating a product-driven culture. We are thankful for Daniel’s many years of strong leadership and great accomplishments. I have great confidence in Martijn as a leader with a deep understanding of the underlying value drivers of the business. His consumer-centric mindset and digitally focused leadership will successfully guide the next era of sustainable and profitable growth for Tommy Hilfiger and the European region.”

As the novel coronavirus’ effect on the global economy continues to escalate, it’s growing toll on income and spending intent are changing dramatically, which in turn is ushering in a paradigm shift in retail sentiment and behavior.

“The business has gone down to a great extent. For those in the export business, even if they have an order, there is no shipping as factories are shut. If the goods are ready, then the airlines are shut. They can’t send it out. Their stores aren’t in operation. So what has happened is it (lockdown) has led to cancellation of a lot of orders and huge monetary losses,” he told PTI.

To emerge as winners in the ‘new normal’ luxury companies have to understand the evolving expectations of consumers, their changing preferences and priorities. Luxury companies that restructure their business processes, relook at their value chain, rework on their product portfolio, redesign their distribution channels and redefine their communication strategies to embrace the new needs of the consumers will certainly emerge as champions.

Sharing his thoughts about the new brand revelation, Vinod Kumar Gupta, Managing Director, Dollar Industries Ltd. stated, “Our brand identity focuses on ‘Wear The Change’ which is aligned with our business ethics to constantly innovate and keep up with the trends and changing consumer needs. The reinvigorated brand identity will provide a new dynamism to the business profile internally, to the end customers and stakeholders.”

The COVID-19 pandemic will serve as a wake-up call for consumers to be more conscious of their product choices and behavior. If one goes by the early signals of this global health crisis, there is definitely an increase in consumer demand for products associated with trust, well-being and collective good, particularly in categories which come directly in contact with the human body such as food, beauty, personal care and even garments. As consumers spend less money but more consciously, the expectation for sustainable practices, fair working conditions and ethical standards will become increasingly important. During the pandemic, we have witnessed how consumers have been very encouraging of brands which have demonstrated social responsibility while prioritizing environmental sustainability.

According to Ved, there are limited customer walk-ins in stores even though conversions are very high.

The board also approved re-appointment of Ram Kumar Gupta as Director Finance (Chief Financial Officer and Key Managerial Person) of the company for a period of three years from August 19, 2020, it said.

People are expected to turn to more immunity boosting, personal hygiene and nutrition products, as well as wellness foods, in the post-COVID-19 world. “Consumers may hesitate to go shopping apparels even after stores open after the lockdown. As of now, sales are zero but even when the partial opening will start, apparel won’t be the first category to be on the shopping list,” Harminder Sahni, Founder and Managing Director, Wazir Advisors was quoted as saying.

“More than 50 percent of our stores are operational, whether they open for a few hours in day or few days in a week as per the local considerations,” Sandeep Kataria, CEO, Bata India told reporters in a video conference call.

Meeting customer expectations will not be accomplished overnight. It will require cross-functional coordination and can present many challenges. Companies will have to transform their supply chains or risk becoming obsolete.

Being fully cognisant of the Government’s constraints, CMAI has suggested that such a measure may be undertaken only for a limited period of time of 12 months, after which they can go back to their current agreements in force.

“We continue to be energized and intensely focused on turning the Victoria’s Secret business around,” Burgdoerfer said.

According to him, the demand has been rising for the last three weeks and expects the trend to continue as consumers start feeling more confident.

Gucci is stepping away from the traditional luxury fashion catwalk calendar and cutting its shows from five to two per year.

While the veracity of the information is yet to be ascertained, at least from our side, one cannot disapprove the possibility of using ultraviolet light to sanitize clothes that has been tried on in fitting rooms.

Shift in Spending Patterns – A fair section of consumers do not rule out the possibility of a global recession after the after the pandemic. But the good news is that consumers are optimistic about increasing their share of expenses on non-essentials once the scourge of the virus is over. Yet for the time being, a fair section is pulling back on discretionary spending and it

Retailers are practically applying these suggestions to their stores, encouraging social distancing practices for staff and customers, frequently sanitizing high-touch areas and encouraging staff and customers to follow best hygiene practices.

The Novel Coronavirus has had a colossal impact on the world at large – apart from the humanitarian toll, the pandemic has exacted a huge economic cost as well. The only known preventive measures so far are santisation and social distancing. In order to slow and even limit the spread of novel coronavirus, social distancing has been made mandatory by the Indian Government at all public places. The recommendation is to avoid crowds and to stay six feet away from people in general.

The Harsh Truth

“We are confident that following this unprecedented pause, our growth and profitability will continue to accelerate on the back of sustained focus on differentiated brands & customer experience across our concepts and strong expansion of the store network in the year ahead,” Noel further told PTI.

The 10 worst impacted markets, in terms of value, will represent 85.0 percent of this total loss with mature markets suffering the hardest.

“The consumer will want to spend less and save more and due to limited disposable income, his/her affinity to value for money will also be high. S/he will want to buy products which are lasting,” he explained, adding that as a result of this pinched spending, consumers will experiment less and lean towards brands they trust, brands they have been loyal to for many years.

Simon Property Group is suing Gap as the fashion retailer failed to pay more than US$ 65.9 million in rent and other charges due during the coronavirus pandemic.