coronavirus& nbsp; crisis after the pandemic throws U.S. Economics be circling. New research estimates global sales in the $ 2.5 trillion industry will drop by 30%, while a large number of global fashion companies are expected to go bankrupt in the next 18 months. & Nbsp; “data-reactid =” 17 “> Vogue editor-in-chief Anna Wintour uses a substantial platform to help the fashion industry cope with the weather coronavirus crisis after the pandemic throws U.S. Economics be circling. New research predicts global sales in the $ 2.5 trillion industry will drop by 30%, while a large number of global fashion companies are expected to go bankrupt in the next 18 months.
small business and designers whom Wintour called “the next generation of American fashion.” “data-reactid =” 18 “> Wintour joined” CBS This Morning “co-host Gayle King via video chat to discuss his partnership with designer Tom Ford to create a fund called A Common Thread. This initiative aims to provide” micro loans “to small business and designer called Wintour “the future generation of American fashion.”
Read the part of their conversation below:
Gayle King: Anna, I always say we are all forever changed by this, but let’s focus specifically on the fashion industry. Because when we say the fashion industry, it’s far more than the clothes we wear, or going to a designer shop. Much bigger than that.
Anna Wintour: Of course, Gayle. I mean, clearly … behind each designer is a tailor, pattern maker, embroidery. There is a whole support system. When we talked with Senator Schumer and Senator Gillibrand about the bailout for large businesses and small businesses, we found that the support system for the fashion industry was equal to 53 million jobs.
Raja: Let’s leave it for a moment. Because I think when most people think about the fashion industry, they think hoity and toity, and of course it doesn’t apply to me. And that’s not true, right?
Vogue.com and on CFDA [Council of Fashion Designers of America] am talking about. “data-reactid =” 23 “> Wintour: No. This applies to everyone and we are a community. And that is a small video that we have. Vogue.com and on CFDA [Council of Fashion Designers of America] talking about.
This is a big part of our economy that is ruined now, and why we decided at CFDA and Vogue to get together and really try and do something to help our way after September 11, when we launched the Vogue CFDA Fashion Fund. … We decided that we would reuse it, Gayle, to help small businesses and small designers in our community, because they are the future generation of American fashion. … We are very fortunate to be given a one million dollar grant by Ralph Lauren himself. I’m really – I’m crying. I mean, I can’t believe in generosity.
Raja: We talk about small businesses and brands that will probably be the hardest hit, at the moment … are you worried about new voices in abandoned mode?
Wintour: That’s really the reason we launch, or reuse, fashion funds to A Common Thread … we will share what we call micro loans, like $ 5-, $ 10-, $ 15-, $ 20-, up to $ 100,000 just to try and help the people we feel most need it … so they can get through the next few months and survive.
Raja: This is of course a pandemic of numbers. And I want to throw this to you. It said, a new report said … 80% of fashion companies listed publicly in Europe and North America will be in huge financial trouble. Did you ever think this industry could return to normal?
Wintour: We are actually holding a global Vogue conversation next week over a four-day period, where we will talk about the future of the runway. We will talk about the future of e-commerce … the future of creativity, and the future of retail … because it is impossible for us to return to its original state. I think, you know, many of us talk a lot about sustainability, and the fact that we all fly so much. And the show is very large and expensive … these problems, these very important issues are presented to us in a far more significant and direct way, and these are questions that everyone asks.
Raja: You share the story of your son, who is truly one of the people on the front lines.
Wintour: So, very proud of my son. He is a doctor. And he immediately returned to the emergency room with the COVID ward now.
Raja: Because he was sick for a while, right, Anna, with corona—
Wintour: He is very ill. I am sure you have heard from many others that so many doctors and so many nurses, you know, are sick … but he, once he is able, is determined to return immediately and help, and do everything he can. And thankfully we have Governor Cuomo who helped us in this matter. Because you feel he is telling the truth to us. He is compassionate … I think we have someone in New York who is a true leader.
Raja: And how do you handle quarantine? Do you have a ritual? Do you have a routine? For example, are you dressed now?
Wintour: Pretty much dressed like me every day.
Raja: Do you have pants, Anna Wintour?
Wintour: I wear sweatpants. Yes
Raja: Sports pants. GOOD. Okay. Because I wear shorts. I get ready to exercise. I wonder what Anna will wear because she listens, you always look perfect … Your hair is done. Did you do your own hair today? You do it yourself?
Wintour: Yes, right.
Raja: That looks good. … Anyone who knows Anna says she likes to play. He likes to laugh. So I will say this. I will wear my glasses if you will take off your glasses.
Wintour: Absolutely. Agreed.
Raja: Nice to meet you, Anna Wintour.
Wintour: Nice to meet you too, Gayle. Thank you for accepting me.
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