Fast fashion: business models and strategies for adapting to the COVID-19 crisis

Abstract

PurposeThis study aims to develop and test a methodical approach to assessing the effectiveness of business models in fast fashion.Design/methodology/approachThe approach allows one to identify the key features of companies' adaptation strategies during the COVID-19 pandemic. The paper analyzes the economic profitability of the fast-fashion industry and establishes business opportunity trends. The author identifies a set of general characteristics of business related to supply and demand before and during the pandemic crisis. The study relies on descriptive statistics and statistical processing methods, including regression analysis, arithmetic mean and the indicator of market economy dynamics.FindingsThe study found that the fast-fashion business model allows companies to adapt to the new market norms because of its dual strategy: demand-driven transparency and supply-driven sustainability, within the logic of consumption. The results indicate that focus on sustainability and transparent stakeholder engagement helps companies to remain relevant in the fashion industry.Originality/valueThe results of the study can be used by general managers of companies, marketers and administrative managers to select strategies and make decisions under the current and future fashion industry demands in markets at different developmental stages.