July 28, 2020
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Industry Focus: Finance—As the world navigates through the COVID-19 pandemic’s new variants, what advice would you offer to apparel professionals?
Industry Focus: Finance
While a new year has begun, many challenges that were experienced during 2021 remain. The COVID-19 pandemic continues to impact the world as new variants of the virus develop.
Industry Focus: Finance—As we head into the holiday season, what types of investments should apparel companies be making to fortify their businesses and ensure success for 2022?
As 2021 winds down, the apparel segment has been enjoying an uptick in business from different corners of the industry. The last few months have seen some of the largest trade shows in the industry return to on-site events. With consumers shopping and willing to spend, retailers are enjoying the benefits of the apparel investments their customers are making as they return to offices, college campuses, in-school classes and semi-normal life.
Industry Focus: Finance
With the world turning over a new, progressive leaf following the COVID-19 pandemic, optimism seems to be on the trend calendar for 2021. As vaccines are distributed to more people, extreme measures of caution are beginning to dissipate as the general public exhibits an increased feeling of safety.
Entering 2021, the apparel industry can see a bit of hope as businesses look toward maintenance and recovery from a tumultuous year. As apparel businesses examine their next steps while outlining new financial plans, they often look for guidance from experts.
As business restrictions stemming from COVID-19 continue to ease across the United States and unemployment has fallen into the single digits at 8.4 percent, yet employment remains at 11.5 million jobs below February’s figures, and the gross domestic product in the country also decreased at an annual rate of 31.7 percent during the second quarter.
At the beginning of July, the United States Bureau of Labor Statistics reported that June unemployment in the country fell to 11.1 percent from 13.3 percent in May, with employment in sectors including retail rising to 4.8 million following businesses reopening in many parts of the country. Recently, local governments in certain areas that have seen rising COVID-19 cases are rolling back their reopening plans, with businesses that serve particular sectors being forced to close again.