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.
40% of Burberry’s stores worldwide are currently closed. The company has announced additional closings in the upcoming days.
The American fashion retailer reached sales of 2.7 billion dollars during the fiscal year 2019 driven by the European market.
The inventory provision of 287 million euros due to the impact of the pandemic tarnishes the final sprint of the year for Inditex, which has recorded its largest growth in sales in its fourth quarter since 2016.
The Italian luxury company reached sales of 3.2 billion euros ($3.5 billion) in 2019 and has recorded a net income of 256 million euros ($280 million).
American international investment bank, Goldman Sachs has lowered the forecast of the main economies in the Eurozone and anticipates its GDP to plunge by 1.7%.
The company will allocate 350 million dollars to raise the salary of its employees to boost hiring in order to help meet coronavirus-related orders
The British retailer has filed for administration putting 2,700 jobs at risk. It has ceased trading on the London Stock Exchange.
Italian industrial companies have started to produce face masks, disposable gowns and sanitary packaging due to the spread of the pandemic.
Gap announced that starting tomorrow all of its stores in North America will be closed. So far, Macy’s, Kering, Nike or Hudson’s Bay, among others, have also taken the equivalent measures.
Footlocker revises its outlook for 2020, a year in which the company expected to grow by 5% year-on-year and closes stores across North America, Europe, Africa, and the Middle East.
Kering, Tiffany, Hudson’s Bay, Douglas, Selfridges, and Nordstrom have joined the growing list of retailers that have closed their stores to combat the spread of the coronavirus among the public.
The current pandemic has led to nationwide lockdowns. For American retailers, the path will be even harder.