Does Coronavirus Threaten the Fashion Industry?
By March 4, the coronavirus outbreak caused more than 92000 infected people all over the world. It has affected the fashion industry as one of the most dynamically developing.
China is one of the largest players in the apparel business. It produces about 30% of clothes in the world. After the epidemic, many fabrics stopped working or began to work with less capacity. Also, problems with transporting goods appeared. That means shops will get fewer products with a delay. A lot of fashion brands have closed their boutiques in China.
All these facts lead to a profit deprivation perspective. The BoF predicts a loss of 30-40 million dollars.
This fact could not be ignored by representatives of the fashion industry and many of them have tried to influence the situation:
- Giorgio Armani has announced the show will be held in an empty hall without guests. Anyone could watch it in a live translation on Armani’s site or social media.
- Burberry moved their show in Shanghai to autumn 2020.
- Chanel delayed their spectacle Métiers d’Art in Beijing.
- Prada plans to change the date of their Cruise collection.
In order to limit and to stop spreading the deadly virus, several global fashion and luxury goods companies donated funds: The Kering Group has given 1 million dollars, LVMH has provided 2,3 million dollars. Other companies also submitted: Swarovski has donated 430,000 dollars L’Oreal has donated 720,000 dollars, Shiseido and Estee Lauder 290,000 dollars each.