Fast Fashion Faces Strong Headwinds
Fast fashion, once seen as a way for brands and consumers alike to stay on top of the latest trends, is facing a reckoning. As consumers become more environmentally conscious and secondhand apparel becomes more easily accessible while tangled supply chains are delaying product availability, some retailers are feeling the pain.
Take, for example, the departure earlier this week of long-standing ASOS chief executive Nick Beighton, who reportedly would not commit to staying with the company through at least half of its next five-year plan — this, after 12 years with the retailer, including the last six as CEO.
Mat Dun, former ASOS chief financial officer and now chief operating officer, said in a statement that the retailer’s performance over the next year “is likely to be constrained by demand volatility and global supply chain and cost pressures.” The company is expected to lay out a growth strategy in more
