I think this signals the beginning of the end for most fast fashion labels. Competing on price is never a long-term winning strategy. Consumers are shifting their buying habits significantly towards more sustainable options, and only a very small amount of fast brands will be able to last much longer. This has been a crowded space for a while, and there are many retailers able to stay on trend without slashing their margins.

Even a giant like Boohoo isn’t necessarily safe. There’s room for one or two fast fashion retailers to stick around, but with how low the margins are and how many are in business, it’s not an industry that can stay afloat in the face of consumers caring about climate change and competition that’s more sustainable becoming increasingly affordable as well.