The coming quarters could be “the most horrible in industry history.”
PARIS — Luxury retail activity has ground to a halt across the U.S. and Europe, and the financial toll is coming into view. Sales of high-end goods this year are set to decline as much as 20 percent to 30 percent, according to analyst reports released on Thursday.
This could weigh on business in the short and long term, said Piral Dadhania and Richard Chamberlain of RBC. The analysts expect revenue for the full year to fall by 7 percent to 21 percent, with a 21 percent to 58 percent decrease in earnings before interest and taxes. The virus will speed up the demise of wholesale channels, companies will buy or finance suppliers to keep them in business and, style-wise, minimalism will eclipse the recent era of maximalism, added Bernstein, warning that the coming quarters will be “the most horrible in industry history.”
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