MILAN/NEW YORK (Reuters) – From Armani to Gucci, top fashion houses are re-designing their calendars to slow down the frantic pace of catwalk shows and new collections, as the coronavirus pandemic forces a rethink of the way the industry works.
FILE PHOTO: Models present creations from the Emporio Armani Autumn/Winter 2020 collection during Milan Fashion Week in Milan, Italy, February 21, 2020. REUTERS/Alessandro Garofalo/File Photo
Luxury labels are scaling back the number of collections they show at fashion weeks across the year in London, Paris, Milan and New York or at other events in exotic locations.
After more than two months of lockdown, with shops shut across the globe and manufacturing sites idled, the $310 billion luxury goods sector is on course for a 2020 sales drop of up to 35%, consultancy Bain estimated.
Brands are grappling with piles of unsold stock and the prospect of widespread discounts that risk denting their aura of exclusivity as well as profits.
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