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Italian fashion brands hike prices to mitigate COVID-19 impact

  

Italian fashion brands like Salvatore Ferragamo, Prada, Gucci, Louis Vuitton and Chanel have raised prices for their apparels to stem a fall in revenues and profits due to a slump in demand during the coronavirus crisis. Ferragamo has raised prices of its luxury goods by around 5 per cent Through this move, the brand aims to mitigate the contraction in store traffic and the increase in logistics and retail management costs caused by the pandemic.

Similarly, Prada has also hiked prices by a single-digit percentage two weeks ago. These Italian brands were further joined by rivals such as Gucci, Louis Vuitton and Chanel, which also increased its price lists to limit the impact of the lockdown measures and of the slowdown in tourist traffic caused by the epidemic, which are severely affecting results of the whole industry.

 
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