As France began to exit its strict coronavirus lockdown, many of its luxury brands also opened their doors, giving sanitary protocols a makeover and testing people's appetite for splurging after the global shutdown.
Neiman Marcus Group said on Friday it received court approval to access $675 million of its debtor-in-possession financing, which will allow continuity of the company's business during Chapter 11 bankruptcy proceedings.
Neiman Marcus Group filed for bankruptcy protection on Thursday, marking one of the highest-profile collapses yet among retailers forced to temporarily close stores in response to the COVID-19 pandemic.
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.