The luxury industry is assessing the first effects of the relaxation of lockdown regulations in China. Most shops have been reopened since around a month and a different market appears to be emerging after the crisis.
Hermès has weathered the global coronavirus crisis better than rivals, with a 7.7% decline in first-quarter comparable sales, and said business was picking up strongly in China after shops reopened last month.
Animal rights organisation Peta has taken advantage of the downturn in the stock markets. Peta’s U.S. subsidiary has bought shares in around 20 businesses including Kering, Burberry, Ralph Lauren, and Guess.
Hermès has cancelled its annual Saut Hermès show-jumping event in the Grand Palais, originally scheduled for the weekend of March 20 to 22. Coronavirus also led the house to call off its April 28 cruise show in London.
A Rolls-Royce Ghost, Hermès handbags and rare paintings were among the luxury items seized from fugitive billionaire jeweller Nirav Modi that raised $7.65 million for India's tax authorities at an auction Thursday.
Sebastien Badault, Alibaba's international director for luxury & fashion, talked with FashionNetwork.com about Luxury Pavilion, Alibaba’s vast range of low-cost fashion, best-practice issues and the coronavirus’ impact.