The hit to fashion and luxury sales from coronavirus is expected to be much harder than previously feared. Revenues are expected to plunge between 25 per cent and 35 per cent this year as a direct result of store closures owing to coronavirus lockdowns. The impact on fashion and luxury — a category that includes apparel and accessories, watches and jewellery, and perfumes and cosmetics — is expected be more severe this year than the recession a decade ago. Like the 2008 recession, the pandemic has caused a financial shock that has hurt consumer sentiment and demand. Some regions will be more heavily affected than others, depending on the strength of their economies, the severity of outbreaks, and how much they rely on tourist sales for fashion and luxury sales.

Full article by financial times: Virus impact on fashion and luxury to be ‘worse than recession’