The fashion world, hit with a COVID-19 curveball, faced an unprecedented challenge. The pandemic pause button got pressed on the global economy, and the aftermath was a cascade of issues, with one of the most prominent being the surplus of stock that fashion businesses grappled with.
As Louise Laing, the visionary founder of Phygital Twin, recalls from her years of experience in the industry, “Stock is a real problem for fashion businesses… witnessing that firsthand, we have done like 10 startups. From concept to multi-million dollars or failing because they have too much stock and all their money is tied up in cash flow.”