Douglas Hand on the Future of the Modelling Industry
The global modelling industry is finally creaking back into motion after months of lockdowns. But with agencies facing slashed advertising budgets, cancelled fashion shows and digital disruption, can the sector adapt to its new reality fast enough?
It is predicted that the coronavirus crisis will lead to “massive waves of consolidation, M&A activity and insolvencies. Model agencies are not likely to be an exception and HBA Partner Douglas Hand gives his thoughts.
“Since it’s such a fragmented industry, there are smaller agencies that are very exposed to the downturn in work brought on by COVID-19,” said Douglas Hand, a fashion industry lawyer and founding partner at New York-based law firm Hand Baldachin & Associates. “Those firms have a role [and have models] under contract that still can generate revenue, but the pandemic has exposed how thinly they are capitalised. And that may well lead them into the arms of a larger agency.”
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