The growing coronavirus pandemic, which has already resulted in thousands of deaths, put 30 percent of the world’s population under lockdown and thrown the global economy into crisis, is forcing fashion brands large and small to slash budgets, with significant knock-on effects for the ecosystem of public relations agencies that serve them.
The issue was made worse, on Friday, with the cancellation of key events like fashion weeks in Paris, Milan and London, which typically account for significant revenue for PR firms.
Some agencies are resorting to reduced fees, salary cuts and layoffs to stay afloat, while others are finding ways to pivot and, in some cases, join forces with other agencies.