Why Coronavirus Causes Luxury Fashion Brands to Lose Millions

A Closer Look

The current outbreak of coronavirus disease, COVID-19, has the world’s attention. First reported in Wuhan, China, the virus has now spread to over 25 countries, led to over 75000 cases and caused more than 2000 deaths. Alongside the casualties, businesses are feeling the effects of the virus, particularly those in the luxury fashion industry. Luxury brands like Burberry, Gucci and Moncler have been forced to close an unprecedented number of stores and have reported huge decreases in the number of people shopping. This video explains what the new coronavirus disease is and why it’s disastrous for luxury fashion brands.