The coronavirus epidemic could wipe out $43 billion of luxury sales in 2020
Richemont, which owns Cartier, is one of the luxury brands that is most exposed to the Chinese market, according to Bernstein.Luxury execs are expecting the coronavirus epidemic to cost the luxury market as much as €30 to €40 billion in sales, according to a new survey done by Bernstein and Boston Consulting Group.
Bernstein partnered up with Boston Consulting Group to survey a group of 28 senior executives from a selection of luxury brands to find out what impact they expect the virus to have. . Beyond these physical constraints, a decline in shoppers' morale means that those that do have access to stores or the ability to shop online, may not be in the mood to shop.
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