Luxury Retail Feels the Strain as Coronavirus Spreads Globally

The transcript discusses the significant impact of Chinese buyers on the fashion industry, particularly during Fashion Weeks. It highlights the challenges faced by retailers in deciding which collections to stock without the presence of Chinese buyers and press. The coronavirus pandemic has severely affected luxury sales, with Chinese consumers being a major part of the market. The transcript also covers adjustments made to Fashion Week events, such as live streaming, due to health concerns.

What challenge do retailers face when Chinese buyers are absent from fashion weeks?

• Reducing the prices of their products

• Increasing the number of fashion shows

• Deciding which products to stock without physical assessment

• Finding new suppliers for their stores

Why are fashion weeks important for brands?

• They are the only time brands can sell their products

• They are the main source of revenue for brands

• They help in deciding the brand's image and future trends

• They allow brands to hire new designers

What was the impact of quarantine measures on the luxury industry?

• Sales came to a halt

• Sales increased significantly

• Prices of luxury goods decreased

• New stores were opened

What proportion of the luxury industry's growth is attributed to Chinese clients?

• 1/4 of its growth

• 1/2 of its growth

• 3/4 of its growth

• 2/3 of its growth

How did Giorgio Armani respond to the pandemic during Milan Fashion Week?

• By canceling all events

• By live streaming shows without an audience

• By moving the shows to a different city

• By increasing the number of attendees