Analysis on the Different Response of Fast Fashion Brands and Luxury Brands to the Epidemic

DOI

10.2991/aebmr.k.201128.003How to use a DOI?

Keywords

Fashion industry, COVID-19, fast fashion brands, luxury brands

Abstract

The fashion industry is one of the most important industries in the world economy, and it has always had strong competitiveness in trade exchanges. The outbreak of the epidemic triggered great turmoil in the global financial market, which had varying degrees of negative impact on fashion brands of all levels: production lines were forced to stop, stores closed, and sales fell sharply. Many brands therefore had to make a series of measures and changes to promote consumption: a large number of layoffs, expand their marketing channels, and enrich their marketing methods. This paper aims to analyze the response strategies and reasons for the price increase of luxury brands and the price drop of fast fashion brands in response to the outbreak of COVID-19 in late 2019 and the first half of 2020, compare their similarities and differences, and make predictions and recommendations for development. Fast fashion brands mostly cut prices because their brand value is closely related to the trend, while luxury brands mostly raise prices because their brand value lies in their own culture.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Download article (PDF)

TY  - CONF
AU  - Wen Peiyu
PY  - 2020
DA  - 2020/11/30
TI  - Analysis on the Different Response of Fast Fashion Brands and Luxury Brands to the Epidemic
BT  - Proceedings of the 2020 2nd International Conference on Economic Management and Cultural Industry (ICEMCI 2020)
PB  - Atlantis Press
SP  - 15
EP  - 18
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.201128.003
DO  - 10.2991/aebmr.k.201128.003
ID  - Peiyu2020
ER  -