Must Read: How Coronavirus Will Change the Nail Industry, PR Firms Face Layoffs and Loss of Business
Also, how Not Just a Label supports emerging designers.
These are the stories making headlines in fashion on Thursday.
How coronavirus will change the nail industry
Following health precautions, "non-essential businesses" have been forced to close, resulting in many workers in the nail industry facing unemployment. Many salons have been putting together product sales and starting fund pages for their employees. Donna Charloff, Director of Operations at MiniLuxe, a popular nail studio, told Refinery29 that she has hope that the industry will rebound, because "these technicians are going to be really resilient and figure out a way because they're such hard workers. It's in their core to hustle." {Refinery29}
The global pandemic has led to PR layoffs and loss of business
Public relations firms rely primarily on client revenue, so now that companies are postponing events and pulling back on advertisements due to the public health crisis, the agencies are facing losses of business. Companies like BPCM, PR Consulting and more have been forced to lay off employees, and some are taking pay cuts to make ends meet through difficult times. In order to make the most of the crisis, many companies are looking towards new technology and digitally based strategies to keep their business and relationships with brands afloat in the future. {WWD}
How Not Just a Label supports emerging designers
Not Just a Label, founded in 2008, has become a major platform to support and lift emerging designers by connecting their designs to a global audience. As the economy is drastically changing, support for smaller businesses is needed more than ever. Stefan Siegal, Founder and Chief Executive of the company sat down with Business of Fashion for an interview to discuss how the company helps emerging designers grow, how the consumer climate is changing, the issues within the current fashion system and more. {Business of Fashion}
What does the $2 trillion aid deal mean for the fashion industry?
The vote on the coronavirus package has yet to be finalized, and many designers and businesses are hoping that the $2 trillion stimulus aid will include assistance for the fashion industry. With the package, companies can receive loan assistance, and the possibility of loan forgiveness for smaller businesses after the crisis is over, with certain clauses. Tory Burch has been a primary leader in the conversation, telling CNN in an interview that, "The stakes are huge and we need to be talked about similar to the way airlines and hospitality are talked about. Our sector is millions and millions of jobs. This is not partisan. We are talking about American people and we as leaders need to keep American people in the workforce." {Vogue}
Brands are halting affiliate programs amid the global health crisis
In order to save money where they can, many brands have been cutting their affiliate programs, which is a main source of revenue for influencers and media companies. There's more of a focus on communicating with consumers directly, rather than through paid partnerships. Although cutting costs is the priority many currently, other retailers have been investing in affiliate marketing to increase e-commerce sales as brick-and-mortar locations are closed. {Business of Fashion}
