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.
Companies
Companies like Inditex or H&M consider supply chain disruptions, changes in consumer behaviour or currencies as more likely risks than a pandemic.
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.
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.
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.
At the end of 2019, the company achieved a net result of 3,639 million euros, while sales have risen to 28,286 million euros.
All economic news of the key fashion companies worldwide.