A mix of near and far, of everyday management and long-term vision; an alchemy between problem solving and unforeseen events, especially linked to the pandemic, and projects that look beyond the emergency. Companies, like people, continue to be in the balance between a present that is fleeing faster than it did in the pre-digital era, and the future. But they are also committed to reflecting on the past – perhaps the only certainty we all have – to keep the positive side and if possible learn from mistakes. In two words: resilience and transition are the cornerstones for every company, economic sector and country that is consolidating the exit from the Covid tunnel. Fashion is no exception, indeed: it wallows, we could say, in this Zeitgeist, for two reasons. The first is that fashion has always by definition been constantly changing. The second reason is the need for a stronger rebound than other sectors, because it has suffered more than others.
A sales and profitability crisis that hit, at least until the first half of 2020, even the top of the range, which after a year, as shown by the half-yearly accounts of these days, has however already recovered the lost ground and in many cases it exceeded the figure for the first half of 2019. For each other resilience and transition segment, they required ad hoc interventions or acceleration of projects launched before the pandemic.
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The (re) discovery of the Stock Exchange
However solid and capitalized, there are no fashion and luxury companies that have passed unscathed from the dark forest of Covid. After the storm, the listing returned to being a destination that had perhaps been excluded for years. This is the case with the group Ermenegildo Zegna, almost 1.3 billion in turnover in 2019, which on July 19 announced the listing in New York within the year, through a Spac created in partnership with Andrea Bonomi’s Investindustrial fund. The Zegna family will retain control (62%), but will be able to count on fresh resources to continue growth in key markets such as China and the United States.
Giglio Group instead chose the Aim segment of the Milan Stock Exchange, where it debuted on 23 July, confirming the excellent prospects of fashion e-commerce platforms born from the know-how of physical retail: the Giglio family opened their first boutique in Palermo in 1965 and the second generation sensed the potential of omnichannel, which has brought the brand to 150 countries. Returning to the United States, in the autumn there could be the ipo of Rent the Runway, a company specializing in fashion rental, a segment considered strategic even by large groups such as Kering, which in June invested in Cocoon, the rental service for high-end bags.
Sustainability (the real one)
Many are the announcements of individual brands and large companies of initiatives to protect the environment and people, thanks to a double boost: the first comes from consumers, in particular Millennials and Gen X and Z. With the exception of the Chinese, who still seem insensitive to environmental and social issues of a brand (but they could soon be, forging ahead as they have done on many other fronts), transparency on sustainability influences the purchasing choices of clothing, accessories and even watches and jewelry (see Moda24 del 23 July).