Key Takeaways from Anchin's CPG Roundtable – Fashion CompaniesAnchin AlertOctober 30, 2020
On Wednesday, October 21, Anchin hosted a virtual roundtable featuring professionals in the fashion industry discussing their experiences navigating through COVID’s unprecedented challenges, and providing insights into what the future may entail as we embrace the new “normal”.
Key takeaways from this discussion include:
- As many companies are re-evaluating their current workspaces, it is not uncommon for a landlord to participate in negotiations with their tenants on current and future leases. In addition, many companies are finding that they have excess space and are looking for tenants to sublease a portion of their space.
- Some companies are getting push-back from their employees regarding returning to the office, so these companies are considering alternatives for them.
- Managing credit and loans will be an on-going discussion point as banks are setting new standards for loans, making it difficult for companies to receive much needed financing.
- For participating companies, the C2FO Early Payment Program can provide businesses an opportunity to take control of their cash flow and shield their company from an economic downturn. The program allows companies to minimize financial risk by fast-tracking receivables at reasonable discounts, ensuring quicker payments.
- Renegotiations with shipping vendors have significantly increased, allowing the shipping of products to continue seamlessly. The use of intermediaries was wide-spread during the negotiating process.
- As the year is coming to a close, we encourage companies to take a look at their current finances. CostMarc, a cost saving service, is a great solution to strategically reducing spending in categories such as printing services, energy, facilities management, healthcare, managed IT services, office supplies, and telecommunications. The best part of CostMarc is that their fee is solely contingent on saving you money, meaning the service pays for itself.
A special thank you to the roundtable panelists for openly discussing their challenges and sharing valuable insight into the industry during these times of uncertainty. We would also like to thank the Anchin Fashion group members who participated including, Marc Federbush, Michael Greenfield, Raymond Baggeri, Carolyn Sekosan and Josephine Lau, as well as the participants for their willingness to engage in this discussion.
We look forward to offering you more updates and opportunities to connect soon!