After being forced to halt production for weeks, the luxury industry's supply chain is slowly restarting in Italy and France. The system has been battered by the Covid-19 pandemic, with many sub-contractors struggling.
The digital-first fashion rental service is reportedly seeking $25 million in its latest funding round, which would see the company valued at approximately $750 million, under a previous valuation of $1 billion.
TM Lewin has been bought by SCP Private Equity, which wants to build a portfolio of British brands that will sell well globally. Asda's ex boss, who's currently chairman of C&A, is on board, as is an ex-Harrods MD.
Salvatore Ferragamo said it could not provide guidance on expected sales for 2020 due to the uncertainty caused by the coronavirus pandemic, which led to its revenues falling by nearly a third in the first quarter.
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.
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.