Fast fashion boomed in the pandemic, but post-lockdown many others in the market are suffering too
and investors. As administrators pore over the books this week, and creditors clamour for their money, the question being asked is: was its demise is a warning bell for the online rag trade, or just an isolated case of one company living up to its name?and promoted by a stream of influencers in marketing tie-ups. The Manchester-based firm, or at least its brand, is now destined tofounder Mike Ashley’s empire after his firm shelled out £20m for intellectual property rights.
Online fast fashion players enjoyed a boom during the pandemic as competition from the high street was almost wiped out for months at a time. Also, the cost of handling returned items was kept down as shoppers were more likely to keep what they bought, given the trend for less “fitted” looks. For now, many households are still cushioned by savings made during lockdown, when overseas holidays, nights out and commuting were off the cards. But the veteran retail bosses of Marks & Spencer and AsdaConcerns about sustainability and cash are fuelling a surge in trading secondhand fashions via sites such as Depop and Vinted
These British players are facing increased competition from high street groups – such as Next, M&S, Zara and H&M, which are now doing an increasingly good job online – as well as their cheap and rapidly growingConcerns about sustainability and cash, meanwhile, are fuelling a surge in trading secondhand fashions via websites such as Depop and Vinted, which are taking another slice out of the established market.
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