Fashion Luxury market update - issue 426

The spread of COVID-19 is presenting a range of challenges for the fashion & luxury sector. Our dedicated webpage sets out some of the areas of impact which can give rise to legal issues and how businesses can navigate these. Read more here.

Supply chains continue to feel the impact of COVID-19 with many key manufacturing hubs being hit the hardest. Those companies heavily reliant on China for products, raw materials or component parts are experiencing unprecedented disruption. The issue is not limited to China and supply chains across the world are vulnerable, experiencing similar issues all at the same time. Read more here.

This week’s top stories in the fashion and luxury sector:

John Lewis considers move into services
(Fashion Network)

Burberry says no to furlough scheme as directors take 20% pay cut
(The Guardian)

Chanel, Dior and Louis Vuitton announce one-off auction to support healthcare workers
(Business of Fashion)

Hermès Q1 sales drop by 7.7% amid store closures
(Fashion United)

Michael Kors unveils its “MK My Way” bag customisation service on China's Tmall
(Fashion Network)

Canada Goose vows to stop purchasing new fur
(Independent)

Adidas warns that Q2 revenue could plummet by 40%
(WWD)

Surf-inspired fashion brand Animal ceases trading amid Covid-19
(BBC)

Gap suspends $115m in rent and anticipates future cash shortages
(Fashion Network)

JD Sports delays annual results as the FCA announces temporary relief
(The Industry)