The government has fully realised the gravity of the economic situation.
Among the numerous recovery measures, some affect us directly and respond, at least in part, to many of the concerns we’ve communicated to public authorities in recent weeks:
- The imperative need to safeguard business equity, which is under strain with the imminent repayment of State-guaranteed bank loans (PGE). This help could come through dedicated funds, guaranteed loans or profit participating loans;
- The continued effort to enter international markets despite the difficulties created by the current situation – the measure involves 15,000 “export checks” and the involvement of Team France Export;
- Support for the digital transition of cultural and creative industries, of which fashion is an integral part; this is included in the fourth phase of the Investments for the Future Program (PIA).
These measures strengthen the programs already set up by industry professionals with support from DEFI. We’re now reworking them extensively to adjust to the new economic situation.
Now they must be implemented immediately and all the economic players – especially the banking sector – and public officials mobilized to help businesses. The process must happen as quickly and as simply as possible and bypass the typical French idiosyncrasy of useless bureaucratic complications.
What’s at stake is not just saving our businesses but also taking advantage of this recovery plan to adapt and become even faster and stronger in facing the new realities of our markets. Much, of course, will depend on how well the economy recovers and on consumer spending to create revenue. Still, this is an opportunity we must seize.
With the situation more unsure than ever, urgency is called for.
Pierre-François Le Louët