Sales of luxury goods worldwide are set to fall by 23% to 217 billion euros this year, their largest ever drop and first since 2009, due to the fallout from the coronavirus pandemic, consultancy Bain said on Wednesday.
The luxury industry will feel the fallout from the coronavirus crisis for the next two years if not longer, Chanel's CFO said on Thursday, adding its 2020 revenues and profit would be significantly hit.
Moncler said on Thursday it had signed an agreement with France's Interparfums to start selling perfumes, as it seeks to diversify its brand and lessen the impact of the coronvirus crisis on the luxury goods sector.
French luxury goods giant is not asking to renegotiate its $16.2-billion acquisition of U.S. jewelry chain Tiffany & Co after deliberating whether to do so, people familiar with the matter said on Friday.
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.