TODAY'S DECISIONS WILL FORM OUR TOMORROW

As we navigate this storm, two things are becoming clear:

1)Things will get worse before they get better;

2) How companies approach the crisis will define who they are in the future.

So, what will the new normal look like post pandemic?

HOW we work has changed, but we ARE still working. Reacting with speed and creativity has been key in delivering a new normal to associates, consumers and partners. The crisis has reinforced the importance of digitalization and as physical distancing takes precedent, we are now closer than ever online.

COVID-19 has accelerated shifts across industries that were already taking place. The role of brands and how consumers interact with them has catapulted to a new level of importance. We are seeing widespread transformation across industries - even those with little or no past online presence are using digital platforms to deliver products and services. From online gym classes and virtual museum tours, to live-streamed events and concerts, people are craving social interaction and experiences in these cyber settings. And the crisis has hyper accelerated these shifts and the way we consume them. Those brands and companies that embrace this new reality will thrive.

This crisis has the power to transform the way in which we do business across the value chain. We’ll see increased investment in digitalization and innovation, bringing to life ideas that previously seemed like aspirational extras such as the rise of avatars, A.I. and holograms. Brands will play a new role in consumer’s lives, and, especially in fashion, the way in which consumers buy will be transformed.

COVID-19 will forever change how we live our lives and what we hold important. While it will change us, it will not stop us. We must be open to the new opportunities it brings, for innovation and experimentation. More than ever, bold leadership, an entrepreneurial spirit, speed and agility will be vital to keep up with the pace of change. We should be ready for it.