LVMH on Thursday posted a 17% drop in comparable sales in the first quarter due to the coronavirus pandemic, as government-imposed lockdowns forced it to close stores and production sites in key markets.
The LVMH Prize for Young Fashion Designers has called off the final of this year’s event, and instead plans to direct its prize money into a fund for young designers, the latest cancellation due to the Covid-19 pandemic.
Fashion labels are coming up with new strategies to deal with a menswear season that has been hugely compromised by the Covid-19 pandemic, forcing the cancellation of the June trade shows and fashion weeks.
LVMH is converting five of its Louis Vuitton workshops to make masks for frontline health workers, the luxury brand said Wednesday, in addition to the masks already being fabricated at the group's Dior workshops.
Tiffany & Co said on Wednesday Australian regulators have sought more time to review LVMH's multi-billion dollar purchase of the U.S. jeweler due to the coronavirus outbreak, potentially delaying closure of the deal.
Consumers are continuing to buy luxury items during the international lockdown with online sites in Britain seeing particular interest in designer handbags and expensive sneakers, a report said on Tuesday.
While fashion museums have had to close and even postpone the launch of upcoming exhibitions and events, many are getting creative and going digital to bring their exclusive work to people around the globe.