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Coronavirus: Italian luxury sector plunges into uncertainty

Italian luxury fashion suppliers are plunged into uncertainty as the Italian government imposed a lockdown on the national territory until at least April 3. The lockdown previously only included key manufacturing provinces in the North, representing as much as 60 per cent of Italy’s textile and clothing manufacturing, and had already sounded alarm bell for the country’s economy, which will now be further affected.

Italian luxury brands are directly supporting the fight against the virus. Giorgio Armani has donated €1.25 million to hospitals in Milan and Rome and the Civil Protection Institute, while Bulgari has delivered a new-generation microscope to the Lazzaro Spallanzani hospital in Rome.

Giorgio Armani’s cruise show, scheduled for April 19-20, 2020 in Dubai, has been shifted to October. Versace and Gucci both cancelled their shows in the US, originally planned to take place in May. Prada scrapped its May resort show in Tokyo.

The list of trade shows affected by Covid-19 includes Luxe Pack Shanghai, an important packaging show, and Esxence, an art perfumery show in Milan, shifted their dates from April to July and late May respectively. SXSW, the tech, film and music conference and festival in Austin, Texas, planned for 13-22 March, was cancelled one week before it was due to open, representing a significant blow to the city’s economy.

 
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