Apparel retailers likely to offer huge discounts after lifting of lockdown

Apparel retailers are expected to offer large-scale discounts to clear old stocks and also perk up consumer sentiments once the lockdown is lifted, according to industry players.
According to a PTI report: A series of lockdowns around the world has severely impacted the fashion retail ecosystem as stores all over the world shuttered, resulting in cancellations of late Summer and Autumn merchandise and a build-up of unsold Summer 2020 within the business, they said.
Sundeep Chugh, Managing Director and CEO, Benetton India told PTI that although “there is certainly no specific discounting strategy post lockdown, as a brand we would want to uplift the sentiments of our consumers through a welcome-back strategy encapsulating season specific offers and engagements at our stores”. Chugh further said,”We anticipate the lockdown would be lifted by/during mid-season, and that’s the time when generally mid-season offers prevail and we would mostly align with the same as per the market ecosystem.”
Moreover, he further told PTI, “Benetton is trying to fully adhere to government regulations and we want to take all decisions in tandem with the government’s instructions.”
Spykar Lifestyles CEO Sanjay Vakharia also said the situation would depend entirely on how long does the lockdown continue and when the restrictions would be eased.
“Also whether lifestyle businesses will be the last to open or they will open along with the rest is to be seen. But if the lockdown is lifted in this month we may be at the beginning of the Spring Summer season, not necessitating an early end of season sale. However, if opening is delayed, the Spring summer will be on discount then,” he was quoted by PTI as saying.
Giving a global perspective, Forever New Country Manager Dhruv Bogra said COVID-19 crisis seriously disrupted the global supply chain for fashion early this year.