French luxury conglomerate LVMH has warned that revenue in the first quarter of this year will fall between 10 percent and 20 percent as the COVID-19 coronavirus outbreak has stalled retail and manufacturing operations.
That percentage drop of 22 percent to 25 percent is the combined revenue of what the two largest players in global luxury generated last year: $59.1 billion for LVMH and $17.4 billion for Kering.
Luxury Daily’s live news: UK’s Goodwood Festival of Speed, catnip to auto enthusiasts, pushed back; Ralph Lauren springs $10M, Gucci $2.2M for COVID-19 relief; Swiss watchmakers postpone Geneva Watch Days to August as they plan threat to Baselworld, Geneva Watches & Wonders shows; Bottega Veneta debuts residency online to attract, retain site visitors; Bulgari joins LVMH peers with manufacturing and donation of hand sanitizers to Italian health authorities.
Luxury Daily’s live news: UK’s Goodwood Festival of Speed, catnip to auto enthusiasts, pushed back; Ralph Lauren springs $10M, Gucci $2.2M for COVID-19 relief; Swiss watchmakers postpone Geneva Watch Days to August as they plan threat to Baselworld, Geneva Watches & Wonders shows; Bottega Veneta debuts residency online to attract, retain site visitors; Bulgari joins LVMH peers with manufacturing and donation of hand sanitizers to Italian health authorities.
Fashion giants Ralph Lauren Corp. and Kering’s Gucci have announced major contributions to fighting the spread of the COVID-19 coronavirus, joining a slew of luxury marketers in France, Italy, United Kingdom, Switzerland and the United States who have dug deep into their pockets.
Italian fashion and leather goods maker Bottega Veneta has launched a new concept called the Bottega Residency on its Web site that offers content, entertainment, art and music on a weekly basis.
If a national lockdown and a COVID-19 death toll surpassing China were not enough, luxury brands in Italy downed tools starting March 25 as part of a government order to protect the citizenry’s health.
Italian fashion label Gucci has given a complete makeover to its mobile app, undaunted by the gloom and panic surrounding the COVID-19 coronavirus.
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