The latest Lyst Index comes in the middle of the biggest crisis to hit fashion in decades. And the luxe search giant said the impact of Covid-19 was felt in the quarter, affecting what people searched for.
Chanel has joined Rolex, Patek Philippe, Chopard and Tudor in a dramatic group decision to quit Baselworld and create their own luxury watch salon in Geneva, a potentially paradigm shift in the industry.
After banning the use of fur, the labels owned by the SMCP fashion group decided to also stop using reptile leather in their products, following the example of Chanel, Paul Smith and others, said the PETA association.
According to a survey by BCG/Bernstein, the pandemic could wipe out up to nearly a third of the luxury market's value, estimated at €350 billion in 2019, with heavy repercussions on luxury groups’ EBITDA and cash flow.
Consumers are continuing to buy luxury items during the international lockdown with online sites in Britain seeing particular interest in designer handbags and expensive sneakers, a report said on Tuesday.
Copenhagen Fashion Week has announced that – at least for the moment – it plans to maintain its current dates, and will take place in the first week of August 2020, bucking a recent trend of postponing seasons in Europe.