The luxury industry will feel the fallout from the coronavirus crisis for the next two years if not longer, Chanel's chief financial officer said on Thursday, warning the French fashion label's 2020 revenues and profit would be significantly hit.
MILAN/PARIS - The luxury industry will feel the fallout from the coronavirus crisis for the next two years if not longer, Chanel’s chief financial officer said on Thursday, warning the French fashion label’s 2020 revenues and profit would be significantly hit.
It did not give details of the slide in sales so far this year but the next 12 to 18 months would be particularly tough, finance chief Philippe Blondiaux told Reuters, adding that a strong recovery in countries where the group’s shops have reopened could not make up for the lack of international travel.
Some 85% of the group’s stores have now reopened and Blondiaux said Chanel had seen sales rebound in China - by over 100% in some weeks. Shoppers were returning in Paris, Milan and Berlin, he said. Chanel, which still expects to turn a profit this year, is reducing advertising and promotions by more than a quarter, cutting production and has cancelled or transformed some events like fashion shows this year, including by streaming them online.It has increased prices on some products like handbags as raw material costs shot up.
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