Apparel and footwear was among the industries hardest hit by the Coronavirus (COVID-19) pandemic. Retail sales were damaged by temporary store closures and weakened consumer spending. The pandemic also accelerated a channel shift to e-commerce in the industry. This report provides a top-line overview of market performance and prospects, including the impact of COVID-19, and outlines key trends within the global apparel and footwear business landscape.
Key Findings
The COVID-19 pandemic erases billions of industry revenue worldwide in 2020
The apparel and footwear industry has been among the worst hit by the COVID-19 pandemic. Global retail value sales declined by 19% in 2020, with a return to the pre-COVID-19 level of sales not expected until post-2025. The continued restrictions............
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