An international group of executives, retailers, creatives and influencers nominated and voted for by their peers, The 2020 Rivet 50 honorees provided a collective outlook on the trials and tribulations that lie ahead for the denim sector, as well as the opportunities within its grasp.
First-time Rivet 50 honoree Dan Feibus, CEO, Vidalia Mills Co, said he expects a structural overcapacity, partially fueled by an industry that has a lot of extra capacity chasing a limited number of orders. According to him, the net impact of COVID-19 on retail will lead to the emergence of a smaller industry
Denim designer Maurice Malone sees a digital evolution in the retail industry. His eponymous brand, Malone is committed to selling direct-to-consumer. He expects to see more small direct-to-consumer businesses with a better understanding of their end-consumer spring up.
James Bartle, Founder and CEO, Outland Denim expects less emphasis on traditional seasons and more capsule collections in the next 18 months—a strategy that he is already putting in place for his own award-winning brand. While Omar Ahmed, CEO, Artistic Milliners says, it will take time for the denim industry to understand the depth of damage caused by the pandemic. With near-term consumption dropping and future forecasts also looking bleak for most, the industry is being forced into an overall consolidation, which will be healthy for the ecosystem in the mid- to long-term, he adds.