CNBC's Karen Tso looks at why the luxury sector's first-half sales figures are on track to be the worst in history.
only reset to 2019 levels rather than crashing much lower? The difference this time, according to Solca, is that in the financial crisis, markets thought the world was coming to an end as central banks and governments were not immediately coming to the rescue. This time is different, as authorities have responded quickly.
So how does luxury weather the crisis? The immediate response for luxury firms is to dial back spending on communications to zero and negotiate a rental holiday with landlords, said Solca. Another source of pain for luxury could be in the supply chain — composed of many small and medium-sized businesses. It is feared some sub-contractors could go out of business.Birkin bags to Gucci clothing which has benefited from the Gucci effect … lots of razzle dazzle by its creative director driving up demand.
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