Luxury e-tailer The Modist has sadly announced its closure, becoming another casualty of the devastating financial impact brought upon by the coronavirus pandemic. The company, which specialized in selling luxury fashion within the modest fashion market, revealed that the global crisis caused by the pandemic had left it incredibly vulnerable, ultimately leading to its unfortunate demise.

During its inception in 2017, The Modist garnered high hopes and substantial investments from prominent figures such as Nicola Bulgari, the Chalhoub Group, and Farfetch. It quickly established itself as a promising online retail business, showcasing renowned labels like Marni, Jil Sander, and Burberry. However, despite its initial success, The Modist faced numerous challenges due to its status as a smaller player in the fiercely competitive online fashion retail industry. This was further compounded by larger competitors like Net-A-Porter, who expanded their offerings in the modest fashion sector.

The heartbreaking closure of The Modist serves as a stark reminder of the dire consequences faced by countless companies as a result of the ongoing coronavirus pandemic. Businesses of all sizes and across various industries have struggled to navigate the turbulent economic landscape created by the pandemic, ultimately leading to closures and loss of jobs.

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Useful links:

1. The Modest Fashion Market: Growing Pains
2. How Coronavirus is Impacting Luxury Fashion Retailers