Many luxury-goods brands risk going out of business, say experts, with the sector facing a “best-case” scenario of contracting 15%-18% compared to last year.
Lockdown measures across several parts of the world have meant store closures, and while some products can be purchased online, many warehouses have shut, resulting in zero sales. The loss of tourism is also greatly impacting the business — Chinese consumers, who made up 90% of global luxury market growth in 2019, account for two-thirds of their luxury-goods purchases when traveling.
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