When the stock market plunged in March 2020, the Super Winners managed to
weather the COVID storm while others in the industry battled for survival.
“Through the pandemic period, Super Winners performed better than their peers
with 22% higher indexed stock valuations”, the Mckinsey report states. By October
2020, the share price of these corporations was 11% higher than pre-crisis levels.
McKinsey credits the success of the Super Winners to two shared characteristics: a
slick digital presence so people can easily shop online, and a strong focus on the Asia
Paci c region where the pandemic has not ravaged society as much as in the US and
Europe. The report states that “the strong will get stronger in 2021 if stock valuations
are a signal of future success.”
Building back better?
According to experts at the International Labour Organization (ILO), when the fashion
industry rebuilds itself it must be sustainable and adopt a “human-centred future of
work”, with fair salaries and working conditions for garment manufacturers in the
Global South.
“There is momentum to use this major disruption to the industry as a way to
challenge the status quo and build back better toward a more resilient, inclusive,
sustainable and equal garment industry,” Tara Rangarajan, head of brand
engagement at the ILO’s Better Work programme, said.
“The garment sector in some countries continues to be marked by low levels of
collective bargaining and signi cant restrictions on freedom of association. In some
cases, lockdown provisions have reportedly limited union activity. Social dialogue is
key to moving forward.”
But in the meantime, as COVID-19 continues to disrupt work and health, economic
precarity means garment workers are working even when they fall unwell. “Now what
is happening is the workers realize they have symptoms for COVID-19, they have a