Unibail-Rodamco-Westfield has announced pay cuts of between 20% and 25% for its senior execs with the unpaid salaries and fees being used to support efforts to fight the coronavirus in the countries in which it operates.
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.
According to a survey by BCG/Bernstein, the pandemic could wipe out up to nearly a third of the luxury market's value, estimated at €350 billion in 2019, with heavy repercussions on luxury groups’ EBITDA and cash flow.
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.
E-tailer Net-A-Porter is taking orders via its UK website once again, although these orders won't be fulfilled just yet as the company’s London warehouse remains closed for now. Its US site is also open for pre-orders.
The department store operator announced on Tuesday that EVP and chief financial officer Paula Price will be leaving the company as of May 31, 2020, and revealed that it has begun an external search for her replacement.
At a moment of compulsory cocooning due to the curse of Covid-19, Maria Grazia Chiuri, creative director of Christian Dior, has been doing things very much in the Italian way. She hunkered down with la famiglia in Rome.
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.