Coronavirus’ Impact on the Fashion Industry.
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As the coronavirus continues to spread, the fashion industry is being hit hard. Many international brands such as Burberry have been affected, and are now closing stores across China. As reduced hours and significant footfall continue to decline, sales are being negatively affected.
According to a study by Bain & Company, 35% of all luxury good purchases in 2019 were either made in China or by Chinese nationals travelling abroad. But now, to prevent the virus from spreading, many countries, including the US, UK and France, have all imposed entry restrictions to Chinese travellers.
This is due to affect tourist spending as well as the media industry.
The Chinese branches of Vogue, Harper’s Bazaar and Elle are just some of the publications that have partly or fully suspended their fashion week travel. Many Chinese editors, buyers and celebs aren’t able to attend 2020 Fall fashion weeks due to travel restrictions.
And Chinese Designers, such as Angel Chen have pulled out of fashion week, due to factory closures stopping them from finishing their collections.
Despite these gloomy circumstances, brands remain hopeful, with Burberry stating they are confident in their strategy and recovery in sales.
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See also: BRANDS JOIN THE FIGHT AGAINST CORONAVIRUS
See also: WHY ARE LUXURY AND HIGH STREET BRANDS BURNING STOCK?
