The world of fashion took a hit this year due to the Coronavirus pandemic. Big names of the industry are looking at ways to overcome the slump that has developed. Companies like Michael Kors are seeing shakeups in management, while brands like Nike seem unable to open their stores amid persistent fears of the virus spreading. Adam Edelberg, who currently works in fashion and is also a financial consultant, talks about the state of fashion and finance this year.
What is the current situation within the industry?
If certain analysts are to be believed, the fashion industry was already on alert even before the pandemic was declared. There were many struggles already going on. There were also strategies in place to handle them, but, of course, the pandemic has rendered it all pointless.
Will the industry recover?
Currently, fashion brand supply chains are struck hard, on-site shopping is also hit due to social distancing, and online shopping is declining because people are saving money. There is a chance that we could recover with accelerated consumption once the pandemic is reasonably over, but I am not feeling too optimistic.
How did you end up in finance?
My passion is always fashion; I guarantee it. I am an Assistant Designer to Wolfgang Joop, a celebrated fashion designer. But with the lockdown going on, I wanted to try something else while being stuck at home. I have a BA in Economics, and I thought there was no better time to use it. I have worked for a very long time in the fashion industry, as was my dream. But I decided to go for something new now.
Where do you work in the finance sector, and how did you go about getting clients?
Right now, I am working as a Financial Consultant and Wealth Manager at MLP Bank. As for clients, I already had a ton of contacts in the fashion industry. The state of fashion being as it is right now, I was able to reach out and quickly get in touch with several of my fashion clients.
What is next for you?
I plan to start my own YouTube channel shortly to talk about finance, banking, etc. and share tips and such with my audience, and provide guidance for wealth management.