Deadly novel coronavirus, which originated in the Chinese city of Wuhan, the capital of Hubei Province, affects not only people's lives but also business, which includes the fashion industry. Many Chinese buyers, models and bloggers will miss next fashion Weeks in New York, London and Milan, designers are canceling their fashion shows.
Chinese shoppers make up about a third of global luxury spending. Beyond consumption, China remains the world’s largest textile producer and exporter. But economists are sure that everything is not so bad: the peak of sales is always in summer, which is far away. Moreover, online shopping can save the situation. China is already the global e-commerce leader with 855 million digital consumers. But the transition from bricks-and-mortar to digital could accelerate even further during this period. Most of all, restrictions will effect the mass-market brands, many of which are beginning to urgently evacuate their factories to other countries and to close offline stores. In addition, they will have to seek new suppliers of fabrics and accessories that will cause additional losses.
Short-term travel restriction for China’s citizens should not lead to economic problems, but brands are already start to take action to cope with the epidemic. For example, the jewelry house Bvlgari has donated to the lab in Rome that deals with the study of the virus, and Versace gave money to the Chinese Red Cross office. Previously, the fight with coronavirus is supported by Kering, L'oréal, Swarovski, Alibaba, LVMH, Jimmy Choo and other brands. Their total contribution is about $ 3 billion. And for those who will have to miss the next Fashion Weeks because of the travel restrictions, the organizers promise to provide additional online shows and presentations.