Global sales of luxury goods are expected to slump by 50% to 60% in the second quarter despite lockdowns easing in some countries and signs of recovery in the Chinese market, consultancy Bain said on Thursday.
Chinese e-commerce giant Alibaba has launched a new luxury platform targeting younger consumers that also aims to help high-end brands shed excess inventory built up during the global coronavirus lockdown.
Danish jewellery giant Pandora has reported a return to growth before the pandemic hit but a downturn during March. It also said it's “in a strong financial position to sustain a prolonged Covid-19 crisis”.
The two management consulting experts have outlined for FashionNetwork.com what the post-Covid-19 luxury market will look like. They believe luxury labels will be faced with five main challenges in the coming weeks.
Retail demand for physical gold suffered this week in top Asian hubs as jewellery shops remained shut due to coronavirus restrictions, but some regions saw steady buying from investors hunting for a safe haven.
India's gold consumption in 2020 could fall as much as 50% from a year ago to the lowest level in nearly three decades as a nationwide lockdown has closed jewellery stores during key festivals and the wedding season.
The foundation will allocate $750,000 to the Covid-19 Solidarity Response Fund for the World Health Organization (WHO), and $250,000 to The New York Community Trust’s NYC Covid-19 Response & Impact Fund.
The massive impact of Covid-19 on tourist spending was made clear this week as international payments provide Planet issued figures showing the economic impact of the virus on European retail during February.