1. Tapestry reports near 20% fall in quarterly sales, to reopen stores on route to slow recovery
AKLC COMMENT(S): 🙁
Coach handbag maker Tapestry Inc said on Thursday it would begin reopening stores in North America and Europe as the firm slowly starts to “turn the lights back on” after the coronavirus pandemic hammered its business.
Sales of luxury goods companies have been among the worst hit in the retail space as fashion capitals in Italy, France and the United States virtually halted business activity and restricted people’s movement to help curb the virus spread.
2. DLF Malls redesigned for post-Covid-19 shopping
AKLC COMMENT(S): Safety First!!
DLF, which operates a group of malls across India, is redesigning its retail spaces to facilitate social distancing for shoppers for when the business’ malls are allowed to reopen for post-Covid-19 shopping.
DLF is currently redesigning its malls to remove areas where people will be crowded together in order to reduce the risk of coronavirus transmission, TNN reported. The group of malls is removing all aisles in the middle of its malls and creating isolation rooms in its shopping centres. It is also installing plexiglass screens in its store counters to create a barrier between shoppers and staff.
3. Saint Laurent Departs From Paris Fashion Week Calendar
AKLC COMMENT(S): Sad
Saint Laurent has decided to pull out from the Paris Fashion Week’s upcoming season. According to an official press statement released by the brand on Monday, the French luxury brand’s decision to depart from the Paris fashion week calendar is an effort to adapt to the ongoing coronavirus pandemic.
The departure from fashion week events was revealed on its Instagram handle. It stated: “Conscious of the current circumstance and its waves of radical change, Saint Laurent has decided to take control of its pace and reshape its schedule.”
4. Flying During Coronavirus: How Airlines Are Changing Their In-Flight Rules
After coming to a near standstill due to the coronavirus outbreak, the air travel industry is turning its collective attention to what it will take to get passengers flying again. The first step: making fliers feeling safe in the confined space of an airplane with new onboard regulations.
In addition to increased sanitizing procedures, airlines across the globe are changing their boarding protocols, are allotting more space for fliers onboard planes, and have begun mandating passengers and flight crew wear personal protective gear, like face masks and gloves.
5. Fashion in the time of Covid-19: In a first, Milan Fashion Week goes digital
AKLC COMMENT(S): Going digital is the only way forward
In the month leading up to Ramadan, which this year is expected to fall from 23 April to 23 May, shopping malls across the Middle East are filled with people preparing for the holy month. Stores can expect high demand for specially styled kaftans; for Eid al-Fitr, the three-day celebration marking the end of Ramadan, it’s tradition to buy festive jewellery. According to industry experts, Ramadan sales account for up to 15 per cent of annual revenue for brands with physical stores, which in the Middle East are concentrated in malls, as sales spike for fashion brands around the holiday.
This year, as a result of shutdowns and shelter-in-place mandates from Middle Eastern governments to stop the spread of the Covid-19 pandemic, will be different.
6. Gucci-Supported Exhibit Unveiled in Seoul
Gucci is offering a positive sign of a cultural restart with the unveiling of the exhibition “No Space Just a Place — Eterotopia,” at Seoul’s Daelim Museum. The exhibit is slated to run until July 12.
As reported, the show was expected to run March 12 to June 15, but plans were delayed as the coronavirus pandemic spread globally.
7. 5 Sparkling New High-Jewelry Watches Released in 2020
AKLC COMMENT(S): Bling it on!
Luxury watch brands have been presenting virtual rollouts of their latest timepieces since late April, and in addition to the tourbillons, world timers and chronographs always coveted by collectors, jewelry watches embellished with diamonds and gemstones likewise have been drawing attention for their clever handcraft. Here’s a look at five dazzling debuts
8. Global luxury gloom to deepen despite easing lockdowns
AKLC COMMENT(S): 🙁
Global sales of luxury goods are expected to slump by 50% to 60% in the second quarter even as some countries begin to ease coronavirus lockdowns and despite signs of recovery in the Chinese market, consultancy Bainsaid on Thursday.
9. De Beers concerned for future of diamond hub Surat should supply chain remain halted
AKLC COMMENT(S): This is too sad.
Surat could lose diamond cutting business to other processing hubs if it does not keep its supply chain going, according to a De Beers executive, but lockdown conditions in India make a return to full capacity a challenge.
10. Luxury handbags jump in price as brands make up for coronavirus hit
AKLC COMMENT(S): 😮
Top luxury brands from Chanel to Louis Vuitton have increased prices of some of their most coveted products as they seek to make up for sales lost during weeks of coronavirus lockdowns. High-end houses have all reported brisk business in South Korea and the key Chinese market, where shops began to reopen in March, partly offsetting a slump in Europe and the United States – where restrictions are only just starting to be lifted.
But with consultancy Bain estimating sales for the $300 billion sector to fall by up to 35% this year, bringing to a crushing halt a decade of spectacular growth, luxury groups are moving quickly to protect margins
11. Dolce & Gabbana will lose out from virus crisis, founders say
Italian fashion group Dolce & Gabbana will lose out “a lot” this year, after the coronavirus emergency, founders Domenico Dolce and Stefano Gabbana said on Thursday.
12. Richemont hit by Covid-19, but online shines and China speeds back to normal
Richemont mixed good news with bad on Friday as it delivered its full-year results, with the world’s second largest luxury group reporting resurgent demand in China on the reopening of its 462 boutiques, but also a profits plunge in the 12 months to March 31.
13. Sabyasachi Mukherjee urges people to buy Indian
AKLC COMMENT(S): <3
Designer Sabyasachi Mukherjee has urged his followers to “buy Indian” and support the domestic handloom industry, as a way to support and protect Indian craft communities during this challenging time for the economy.
14. BMW India launches extended service campaign amid Covid-19 pandemic
German luxury carmaker BMW on Thursday rolled out a new service campaign called Extended Care+ available across its entire dealer network in the country.
Under the initiative, BMW customers can avail aftersales services, pre-monsoon and electrical function checkups. BMW says the Extended Care+ is a 33-point check service designed to keep BMW vehicles in top condition. Extended Care+ includes priority services for the waterlogged/flood-affected areas.
15. Can A Hashtag Save Luxury?
AKLC COMMENT(S): Creative ways of connecting with your target audience is a must!
For most of us, with the exception of secondhand finds and sale deals, items from luxury labels like Gucci, Bottega Veneta, and Chanel are aspirational rather than attainable. But ever since the pandemic began earlier this year, there’s been a sort of humbling effect in the fashion industry. No one label has been immune to the effects of COVID-19 — which include decreased consumer spending, shut-down factories and distribution centers, and store closures — and every brand, from Urban Outfitters to Loewe, has had to adapt in order to stay afloat amidst the uncertainty. One way that luxury fashion labels have responded to the changes is by interacting more with consumers, not just by engaging with them online but also by inviting them to participate, with social
16. Paris reopens, reshapes real-life luxury shopping
Traffic was low this week, as the city is devoid of tourists, the lion’s share of the luxury shoppers in Paris.
Luxury retailers succeeded in making people feel safe thanks to sanitary guidelines and strict protocol.
Brands need to come up with alternatives to the little things that make the luxury experience. Appointments are one way to rethink..
17. Could antiviral fabrics take off with luxury shoppers?
Can your clothing protect you from Covid-19? A leading Italian luxury manufacturer says it has developed an antiviral fabric that may, and major luxury brands are snapping it up.
Albini Group, best known as a dress shirt fabric supplier to companies including Kering, Armani, Ermenegildo Zegna and Prada, has developed new ViroFormula fabrics, created in collaboration with Swiss textile innovation firm HeiQ, in which chemicals are applied to the textiles during production in a process similar to waterproofing. Tests on a virus similar to Covid-19 called 229E (testing on Covid-19 is currently restricted) proved the treated material can likely destroy coronaviruses a few minutes after contact. Other strains should behave similarly, according to HeiQ.
18.The rise of ‘squad shopping’
AKLC COMMENT(S): Great! Sounds interesting
More than $413 billion of goods will be sold through social e-commerce in China by 2022, an almost fivefold increase from $90 billion in 2017.
Squadded Shopping Party hopes to bring this concept to the West by letting its users go shopping together on fashion e-commerce sites, as if inside a virtual mall.
Online group activities like Netflix Party and Instagram Co-Watching have caught on during the pandemic as peer-to-peer connection becomes more crucial in consumers’ lives.
19. Burberry profits fall, but China demand recovers
Burberry said on Friday that it’s made “strong progress” on its strategy and is well prepared to navigate through the current pandemic as it delivered its preliminary results for the year to March 28. But the firm still cut its annual dividend as it reported sales and profits down for the 12 months, with Q4 understandably seeing a revenue plunge and the current Q1 set to be weak as well.
20. Gucci is raising funds for victims of domestic abuse during the COVID-19 pandemic
AKLC COMMENT(S): wow 🙂
It’s no secret that the COVID-19 pandemic has been hell — especially for countless girls and women around the world that have become victims of domestic abuse. With cases now on the rise, Gucci and the Kering Foundation are stepping up to help with their new campaign, #StandWithWomen.
Launched through Gucci’s charity organisation, Chime for Change, the campaign aims to raise funds for non-profit organisations that are supporting victims of gender-based violence during the coronavirus crisis
21. Without tourists, Europe’s luxury shops struggle to reopen in style
The absence of big-spending travellers, particularly from China, the Middle East and the United States, is a major drag on sales as, depending on the brand, they provide between 35% and 55% of revenues in Europe.
With a global recession looming, and fears of a second wave of infections, there seems little prospect of a big influx of tourists soon – or of local buyers making up the shortfall. In Milan’s Galleria Vittorio Emanuele II, the city’s famed shopping arcade, masked sales clerks stood idly in empty Prada, Chanel and Louis Vuittonstores on Monday, a week after non-essential stores were allowed to reopen. Six of the eight restaurants lining the 19th century mall had opted to stay shut.
22. Gucci bids farewell to fashion week as brand goes seasonless
AKLC COMMENT(S): Global exhibitions will never be the same again !! we all are evolving with time
Fashion week is over, according to Gucci. In a virtual press conference broadcast from his Rome studio, the label’s creative director, Alessandro Michele, announced that Gucci was slashing the number of fashion shows it holds each year from five to two.
Declaring the fashion week calendar obsolete, Michele said he was no longer adhering to a rota staked out by spring/summer, autumn/winter, cruise and pre-fall shows.
23. ‘Conscious’ connoisseurs may hurt luxury market
The market for luxury goods and services is set to contract 30-50% this year, consulting and advisory firm Luxury Connect said in a report, with high-end automobiles and premium real estate expected to bear the brunt because of the Covid-19 pandemic and its resultant economic crisis.
Beauty and skin care, as well as wines and spirits were the least impacted during the lockdown to stem the virus outbreak, it said.
24. Iconic luxury department store Harrods to open its first outlet location in a bid to shift excess stock that has built up in its store during the lockdown
Article link: https://www.businessinsider.in/retail/news/iconic-luxury-department-store-harrods-to-open-its-first-outlet-location-in-a-bid-to-shift-excess-stock-that-has-built-up-in-its-store-during-the-lockdown/amp_articleshow/76091663.cms
25. Michael Kors on Zoom calls, extending support to designers and the resilience of the human spirit
AKLC COMMENT(S): We are all embracing the new normal
“I’m an eternal optimist, but these times are certainly testing everyone’s optimism,” says Michael Kors, the quintessential American designer whose relatable yet glamorous brand of fashion is recognisable across continents. Age is on his side as the sexagenarian’s experience will be the guiding force to keep the iconic brand afloat in a pandemic-hit world. “I’ve ridden a lot of rollercoasters in my 39 years of business, and I have seen that at the end of the day you have to believe that things will turn around and have faith in the resiliency of the human spirit.”
26. Categories, Channels Blur in Beauty
Beauty is no longer beholden to historical confines between categories like skin care or makeup, or channels, like mass and prestige. These days, the lines are continually blurring, all in the name of consumer benefit.
As COVID-19 has consumers paying closer attention to their bank accounts, hybrid products may become especially attractive, said Larissa Jensen, vice president and beauty industry adviser at the NPD Group. “Having a product that does multiple things could be a benefit in light of what’s happening today. Rather than buying a sunscreen and a primer and a moisturizer, three separate products, I can get one that does all of those things.”
27. Instagram Adds More Monetization Methods for Creators
AKLC COMMENT(S): This is great 🙂
The platform revealed in a company blog post that it will begin testing a feature allowing influencers to monetize live videos. Views on Instagram Lives increased 70 percent from February to March, according to Instagram. Beginning in June, select creators and businesses will test out Badges, a feature that followers can buy during live videos.
“Providing a variety of monetization tools is crucial in order to support all creators on Instagram, from emerging digital stars to established entertainers and everything in between,” said Justin Osofsky, Instagram’s chief operating officer, in a statement.
28. 14 designers join forces to help workers and their families with ‘Saving the Artist’ initiative
AKLC COMMENT(S): Great initiative by Indian fashion designers!! Fashion has a heart <3
Saving the Artist was recently launched by a group of designers as a fundraiser to aid artisans. Designers included Neeta Lulla, Farah Sanjana, Shriya Som, Archana Rao, Shehla Khan, Gabriella Demetriades, Jayanti Reddy, Akanksha Gajria, Nitya Bajaj, Eishita Puri, Sohni Patel, Shirin Mann, Suman B, and Ridhi Mehra.
Each designer will put up two of their most popular designs for sale on Instagram and the proceeds from the sale will be divided between the brands’ craft workers and NGO Sneha to support those affected by domestic violence.