An estimated 14% of the drop in sales in the Kering group is estimated in the first quarter of the year. A loss caused by Covid-19 which saw the closure of shops and all production activities for the company’s growth. The group that owns Gucci, Saint Laurent, Balenciaga and Bottega Veneta, had generated 17 billion in revenue in 2019, which represented a 13% growth compared to 2018.
News stated in a press release which however reveals a sign of hope and trust deriving from China, in which with the gradual recovery of activities, sales are growing again, although the impact of the emergency remains significant in the area peaceful than in North America and Europe. The reopening of Chinese stores is significant to address the pandemic peak in its home markets.
It is still difficult to calculate the impact that the Covid-19 pandemic will have on the fashion industry. Burberry has reported an 80% drop in sales, while numerous companies in the Italian industry have found ways to keep their factories open by starting the production of medical and medical materials such as Prada and Gucci itself (article here).
While on the other side of the world the director of Vogue America, Anna Wintour, in collaboration with the Council of Fashion Designers of America (CFDA), allocates the Fashion Fund, a fund to economically support companies in the sector, especially small and medium-sized enterprises which, following the spread of the virus in the United States, risk serious financial damage.
