Nationwide lockdown for Coronavirus in Italy has hit luxurious brands hard. Italian brands fear that as Coronavirus situation getting worse and worse, in the coming days’ top brands will bear the burnt of a horrible nightmare.
Louis Vuitton and Stella McCartney have manufacturing factories in the northern region of Italy. And Prada, Armani and Versace have headquarters in Milan which has been hit hard by this lockdown.
The blow is not just limited to brands – but from companies that produce fabrics to the manufacturers of garments and accessories.
Global buyers are withdrawing their Italian garment and product orders. This is producing a ripple in the whole apparel supply chain.
Before the whole lockdown, the fashion-and-textile industry alone was priced US$ 107.9 billion!
Simultaneously the leather industry which supplies leather products to luxurious brands also comes to a near standstill in which situation. Not to neglect the fact that leather goods are top-performing sectors of a luxury brand.
On top of it, brands have piled up spring-summer collections. This inventory is a headache for luxurious brands.