Published in Fashion on 09-04-2020
Closed stores and stock that cannot be sold: the havoc that corona will wreak in the fashion retail is becoming increasingly apparent. New studies now predict which chains will be the first to fall...
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The collapse of wholesale sales have cut Urban Outfitters' turnover back by almost a third in this year's first quarter. A healthy profit made way for a nine-figure loss, forcing yet another company to cut management wages and bonuses.
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German department store group Galeria Karstadt Kaufhof is taking a terrible hit from the coronavirus, reducing turnover by up to a billion euros. Management says stores could be closed and jobs axed to cut costs, but the Belgian branch would escape.
In "the new normal", luxury items turn out to be significantly more expensive: at Chanel and Louis Vuitton for example, prices for handbags have risen by up to 17 % since the lockdown. Price hikes are taking place almost all over the world, but China might just be spared.