“Every time you change your habits for more than 21 days, that’s the magic time frame, you end up changing for a long time”, says CEO of Li and Fung. The long time member of the board of trustees of Northeastern University, Spencer Fung spoke about the current pandemic situation. Spencer Fung along with Joseph E. Aoun, president of Northeastern University, spoke a lot about the radical changes that Fung’s company among many others are trying to bring. Not just into the supply chain, but also the fashion industry, while fighting the COVID-19 pandemic. Fung believes that everyone must have the desire to learn on the job. He explains that in today’s world, any job or study can become out of date. Hence, one must be ready for future opportunities.
Those in the field of fashion and apparel have some big obstacles in front of them. As the economies and industries come out of this pandemic, almost every company, retailer, and shop are urging their customers to purchase their products online. Therefore, many companies are losing their customers in the pandemic. This, in turn, is leading to a bigger problem- layoffs. Companies have to let go of employees, which is hurting the economy as a whole even more. Physical stores have rendered useless to the organisations. All the shopping is being shifted to the online sector. Fung talks about all these problems in the ‘Business in the age of global change’ live discussion.
The supply chain models of the world have taken a big hit due to the pandemic. This hit affects more in the fashion segment. With almost zero business happening across the world, it is a tedious task for the supply chains. They must cope with the newly emerging online fashion industry.
Managing your company is like a crisis management team. You have to get on calls with everyone involved. Staying flexible and moreover, staying optimistic is how Spencer Fung is directing his organisation out of this crisis. This is the ideology he believes everyone else should follow.