Global luxury brands including Gucci and Louis Vuitton are scaling back orders with Italian suppliers, as the spread of the coronavirus from key market China to major manufacturing hub Italy hits business across the sector, industry sources said.
Italy accounts for around 40% of global luxury goods manufacturing and has been hit hard by a dramatic drop in demand triggered by the coronavirus crisis.
As strict lockdown measures to contain the outbreak ravages global economic activity, the luxury food industry could be among the worst-hit since it heavily relies on restaurants and top hotels for the demand for deluxe items.
Gucci has raised the price of handbags by up to 9%, joining rivals Louis Vuitton and Chanel in a bet their brands will still lure the wealthy.
Emma Watson, the actor who made her name as Hermione Granger in the Harry Potter films, was named one of three new board members of French luxury group Kering
New York was under a curfew that would last until early Tuesday morning, officials said, after looters raided stores in central Manhattan, targeting some of the city's top retailers.
The epic and eclectic adventure will conclude at Yas Marina Circuit on Sunday where they will join in the celebrations for the finale of the Formula 1 season.
Model Victoria Bonya, who has 9.3 million followers on Instagram, reportedly started the trend “Bye Bye Chanel.”
According to the duo, the pandemic took them back to their early days in the mid-1980s where they had to hustle.