Local consultancy Fung Business Intelligence estimated that consumption will return to pre-crisis levels in two or three months, according to a report published on March 18, with an especially rapid recovery in clothing and cosmetics.
The IMF expects a “partial” recovery in 2021. The cumulative loss to global GDP over 2020 and 2021 could be around 9 trillion dollars.
Pablo Isla, chairman of the owner of Zara, has announced that it will continue to pay employees without government assistance.
A McKinsey report estimates that a two or three months lock down would bring a majority of players into financial distress situation.
As a black swan, the Covid-19 outbreak is even more transformative than events such as the Arab Spring, or even the fall of the Berlin Wall.
In Italy or Spain, two of the most affected countries, the decrease in sales could reach up to 40%, according to Boston Consulting Group data.
The decrease in production, together with the fall of demand and the paralysis of cotton exports to the United States are some of the factors that motivated the price fall.
Hermès has closed its 42 production plants in France except for Vaudreuil, where it produces its perfumes, which will now produce disinfecting gels.
The American fashion retailer reached sales of 2.7 billion dollars during the fiscal year 2019 driven by the European market.
The 287 million euros provision has harmed the final sprint of the year for the Spanish group.
The Italian luxury company reached sales of 3.2 billion euros in 2019 and has recorded a net income of 256 million euros.
