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Fashion and luxury in the days of the Coronavirus.

The COVID-19 epidemic has had an earthquake in the fashion and luxury industries. Women’s fashion shows in New York, London, Milan and Paris have been overshadowed by the pandemic. Which spread to Italy as the parades started there. Caution, and paranoia have taken the fashion industry by storm. And the cancellation of the biggest events was inevitable.

Galerie Joseph presents the impacts recorded on the fashion industry during this pandemic time.

Our galleries are unfortunately closed, 20 atypical spaces for rent in the Haut Marais, which will reopen to present you during showrooms, art and design exhibitions the most beautiful creations.

The fashion and luxury industry is facing one of the biggest crises of the past decade.

Between producing masks, and hydroalcoholic gels. Big luxury houses and brands are showing a generosity. To help those in urgent need. But it is hardly possible to ignore the impact that the pandemic has had on the economy of this sector.

A TORNADO FALLS ON THE MIDDLE OF FASHION

The end of fashion month was marked by growing concerns about the spread of the virus in Europe. Giorgio Armani’s parade took place in an empty hall and was broadcast online.

As you can see, fashion and luxury companies are feeling the brunt of the health crisis.
Because the measures taken by the public authorities to fight against the pandemic involve in several countries closings of production sites and stores. This will have an impact on the results of the biggest leaders in the luxury industry.

Putting fashion to sleep

According to Vogue business, large luxury groups are preparing to drop sales by $ 40 billion in 2020.

First of all because China, the global supplier of textiles, is the nerve center of the virus. And today finds itself paralyzed with closed factories.

Second, because Chinese buyers represent 33% and 35% of luxury goods purchases worldwide by value. And even had to reach 45% of the market in 2025.

According to the firm Bain & Co. The Chinese buy a lot while traveling and in Paris. They correspond to a huge market. Also whose favorite places are Galerie Lafayette, Le Printemps, and Le Bon Marché.

Except that in the time of the coronavirus, the exposure to Chinese spending by European luxury giants, will make these funds the most affected. And sales in the fashion and luxury industries will experience an unprecedented drop.

François Le Louët, President of the French Federation of Women’s Ready-to-Wear wrote:
“Suspended productions, closed stores, slower transport. The Covid-19 epidemic that affects us has immense consequences for our businesses. From the start of the crisis, I alerted the authorities to the impact it would have on the entire fashion ecosystem. “

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