COVID-19’s impact: A fundamental reset or a painful but short blip? Finally, we explore longer-term actions to position companies to succeed in the postvirus business environment. Then, we look at medium-term actions to take during the recovery to minimize the downside for the latter half of 2020. Second, we recommend a set of urgent actions to secure business continuity. First, we examine COVID-19’s impact on North America’s apparel and fashion sector-and the near-term outlook in light of consumer sentiment and lessons from other regions. Please email us at: article has four objectives. If you would like information about this content we will be happy to work with you. We strive to provide individuals with disabilities equal access to our website. Apparel and fashion companies must act quickly to secure business continuity, minimize downside for the latter half of 2020, and get ahead of business-model changes that may be necessary coming out of this disruption.

In North America, the apparel, fashion, and beauty industry generates approximately $600 billion in annual revenue and employs more than four million people. Ensuring that the business can survive and thrive after this unprecedented shock is crucial as well, as our colleagues emphasize in a recently published article, “ Safeguarding our lives and our livelihoods: The imperative of our time.” (For the latest insights on the pandemic, see /coronavirus.) Already, apparel and fashion companies have put their assets to good use in the crisis, be it by turning over their factories to make face masks or hand sanitizer, donating products and services to healthcare workers, or helping employees find temporary roles with companies that are hiring. As business leaders worldwide grapple with the COVID-19 pandemic, the health and well-being of their employees and customers must be the top priority.

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