The stock market is bullish, the economy is recovering, consumer confidence is growing: all indicators are positive, fuelling luxury purchases on a North American market that is highly dynamic and promising for labels.
Covid-19 has boosted e-tail, especially for multibrand sites and leading luxury labels, according to a study by Bernstein for Altagamma. An evolution that means other labels need to rethink their commercial strategy.
Giorgio Armani has reopened around one hundred boutiques in his global retail network on Monday, May 18, with added security measures, a new system of booking appointments; also, he will open Armani Silos this week.
While fashion museums have had to close and even postpone the launch of upcoming exhibitions and events, many are getting creative and going digital to bring their exclusive work to people around the globe.
LVMH has denied planning to buy Tiffany shares on the open market, contradicting market rumors stating that they were about to do exactly that, after the US jeweler's stock price fell on the New York Stock Exchange.
Luxury jeweler Tiffany & Co forecast a significant results hit this year as it temporarily shut stores and said Friday it had lost about half of its operating days in mainland China since the coronavirus outbreak.