Like most of the industries, retail industry has also taken a hit by the ongoing coronavirus pandemic.
Retails in October saw a modest .3% increase, according to Econoday.
One area hit the hardest? The high end fashion industry. The pandemic has forced people to stay at home and experts say fewer people are buying expensive clothes jewelry.
So, how are fashion icons coping with this situation?
American designers Mark Badgley and James Mischka from Badgley Mischka fashion label, shared the leadership lessons they learnt from this pandemic.
"I think one of the top lessons that we learnt and hope we can pass on to other people going through this COVID-19 crisis is that you really have to be resilient," said James Mischka. "You need to be able to turn on a dime. You need to change your supply chain. You need to pivot. You need to be extremely flexible."
Mark Badgley said that the changes they made in their designs made them stronger.
"Even if the economy comes back super strong, I think, we will be just that much stronger because we made changes that we were really forced to do that otherwise we would not have done," Mark Badgley said.
COVID Lessons In Leadership
Leading in a COVID era is one of the many new challenges businesses big and small. TheStreet is committed to helping you navigate these difficult times and our reporters and editors have launched TheStreet's new series Business of COVID.
Here are more COVID Lessons in Leadership:
Fat Brands (FAT) - Get Report CEO, Andy Wiederhorn says "Have faith, have focus and have clear direction". Watch: Fat Brands CEO's Advice to Restaurant Owners During COVID
Essex, Caffe PannaOwner Moshe Schulman speaks exclusively to TheStreet revealing How NYC Restaurants Are Preparing for the Winter Months In a COVID World.
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