The impact of Covid is being felt across literally every industry across the globe. However, how has it been affecting the fashion, beauty and retail industries? These are our most recent insights on the crisis.
Across these sectors, stocks have plummeted worldwide. Most recently, American multinational corporation Nike too felt the burnt of falling stock prices and its share price fell 24.64 per cent to close at $69.84 on NYSE on March 17 and French multinational luxury goods company Kering saw its share price fall 22.5 per cent to €391.05 during the fortnight on EPA.
The virus has now caused many design houses to cancel or postpone their resort shows, including Armani, Dior, Gucci, Hermès, Max Mara, Prada, Chanel and Versace. The Chanel Metiers d'Art show and Ralph Lauren's and Burberry's Fall 2020 shows are also being postponed until a further date.
International Fashion Weeks have been either cancelled or are being held virtually.
It was revealed that both Tokyo, Beijing, Sao Paolo and Shanghai Fashion Weeks have been cancelled. However, Shanghai Fashion Week is now partnering with Alibaba's Tmall to create an online platform for the designers and brands to debut their fall 2020 collections from March 24 to March 30, around 150 brands will participate in the virtual fashion week, including Diane von Furstenberg, Pinko, Miss Sixty, Converse, Anta, Icicle, Lily and Le Fame.
Amongst the fashion events that were supposed to take place recently, it was revealed that the 2020 CFDA Fashion Awards, which had been scheduled for June 8 at The New York Public Library, have been postponed to a later date.
The retail sector also reacted by temporarily closing stores or reducing hours to help prevent the spread of the coronavirus. Although in Italy this measure was implemented already more than two weeks ago, several major retailers and brands announced their temporary closures in the U.S., including Nordstrom, Saks Fifth Avenue, Macy's, H&M, Chanel, Ralph Lauren, Sephora, Nike, Apple, Walmart, Urban Outfitters, Madewell, Everlane, Lululemon, Glossier, Reformation and Anthropologie, among others, at least until the end of March.
Last but not least, magazines are temporarily lifting their paywalls and giving free access to content to their readers. Among the list of publications, are Conde Nast’s Vanity Fair, Vogue, Vogue Italia, Wired, The New Yorker and New York Magazine.