Orders Plunge For Italy's Luxury Suppliers Amid Nationwide Lockdown [zero hedge]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: zero hedge
Orders Plunge For Italy's Luxury Suppliers Amid Nationwide Lockdown Industry sources told Reuters on Tuesday that global luxury brands, including Louis Vuitton, Parada, and others, have significantly reduced orders with top Italian suppliers as Covid-19 disruptions are seen across the world. Italy has imposed unprecedented travel restrictions on 60 million of its people to contain the fast-spreading virus, which has so far resulted in 9,172 confirmed cases, with 463 deaths. Reuters spoke with high-end clothing suppliers in Veneto, an area nearby Tuscany and affected by the new travel restrictions. Suppliers said a perfect storm of factors has been building since late January, as demand for luxury goods from China crashed , and Italian suppliers are suspending operations or running at less than full capacity because of a nationwide lockdown to contain the virus. "We were producing 800-1,000 handbags a month for Gucci. In February we made 450 and we have no orders for March," said the o
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