Luxury brands cutting orders from Italian suppliers as coronavirus spreads: sources [Toronto Globe and Mail (Ontario, Canada)]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Toronto Globe and Mail
Luxury brands cutting orders from Italian suppliers as coronavirus spreads: sources Staff members work at a Gucci store in Beijing on Feb. 20, 2020. Tingshu Wang/Reuters Staff members work at a Gucci store in Beijing on Feb. 20, 2020. Global luxury brands including Gucci and Louis Vuitton are scaling back orders with Italian suppliers, as the spread of the coronavirus from key market China to major manufacturing hub Italy hits business across the sector, industry sources said. Italy, home to scores of specialist manufacturers of high-end goods from shoes and leather goods to menswear, has seen the biggest epidemic of the virus outside China, prompting Rome to impose a virtual lockdown over much of its wealthy north. Reuters spoke to a dozen textile and leather goods suppliers in the region of Veneto, which is affected by the quarantine, and nearby Tuscany. Many said that even before the unprecedented restrictions were put in place on Sunday, brands had been cutting orders from late
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