The coronavirus outbreak has dealt a severe blow to most industries. The high energy-consuming, labor-intensive fashion industry, however, bears the brunt.
Nike, Adidas, and Capri Holdings, owner of luxury brands Versace, Jimmy Choo, and Michael Kors, have all warned investors this week that as the coronavirus grips China, sales could take a hit.
Italian luxury brand Gucci announced a strategic cooperation agreement with Tencent to leverage the Chinese tech giant’s access to abundant data and explore field of smart retail.
Four out of the top five most-mentioned brands associated with the “sneaker” hashtag on social shopping app RED during the study period were luxury brand names, the report finds.