Fashion giant suffers shocking fall amid surprising industry trends: 'It's changed the market' [Yahoo! Finance]
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Source: Yahoo! Finance
The company and its rival Boohoo saw sales surge when lockdowns kept customers at home in 2020 and 2021. Management teams at both firms purchased large inventories, as they believed digital shopping would remain the dominant channel. When stores reopened, customers went back to trying on clothes in person. Asos found itself stuck with a billion pounds of merchandise that it couldn't sell. Today, Shein serves one in three British women aged 16 to 24. The Chinese company outperforms its competitors in both price and speed to market with new styles. This shift occurs as awareness grows about fast fashion's environmental costs. The industry churns out disposable clothing that fills methane-spewing landfills within months of purchase. Each wash cycle sends microplastics from synthetic materials into waterways. Production depends on workers suffering poor conditions in facilities that pollute water sources and release carbon into the air. Buyers also lose in this equation, as flims
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