Authorities are forcing tanneries to withdraw raw hides from slaughterhouses. And Argentine tanning risks a short circuit. On Saturday March 28th, the secretary of the Federación de Industrias Frigoríficas Regionales Argentinas (FIFRA), Juan Javier Peralta, posted on Twitter the letter addressed to a group of Argentine tanneries by the Servicio Nacional de Sanidad y Calidad […]
Italian leather industry strives to support the struggle against Coronavirus outbreak. In the region of Veneto, Gruppo Mastrotto publicly announced a meaningful solidarity project. Primarily, they supplied a 100,000-euro donation in aid of the Fondazione San Bortolo Onlus, a non-profit organization. On top of that, they also implemented a health insurance for their employees. The […]
How much will the Coronavirus impact luxury companies? Kering’s revenue in the first quarter lost between 13% and 14%, equal to -15% in comparison to the first quarter of 2019. The group sees a light (only) in China, where there are “encouraging signs”. Kering’s revenue in the first quarter After Burberry, French groups are also […]
British footwear operators were already facing market challenges, such as that shared with other national producers (such as those in Italy): managing the impact of sneakers on the market. Then came the uncertainties connected to Brexit. Brexit is (also) now quarantined by the pandemic. What is happening to British footwear operators? Lucy Reece Raybould (in photo), CEO […]
Italy’s leather goods will shut down temporarily, due to the legislative decree passes by the government on March 22, 2020, considered to be “a necessary measure”. Assopellettieri’s CEO, Danny D’Alessandro, confirmed it, explaining that “this decision comes after some companies of the segment had already decided to close down autonomously. The challenge will be to […]
CRV has hit Portugal’s footwear industry after it had already showed signs of crisis. Portugal is one of the main production centres for Europe’s footwear segment: the Coronavirus epidemic will add to the general market slowdown. CRV hits In a note sent to the members of APICCAPS, the association has suggested companies in the industry, […]
“It goes on day by day”. That is, you surf on sight. Paulo Martins (pictured) is the CEO of Ambitious. The company, based in Guimarães (Portugal), employs around 200 people and generates a turnover of around 20 million euros. Martins, therefore, recounts the situation in a country that has adopted a state of emergency with […]
Faurecia, Lear and Adient are suspending part of the production. The decision would come after the stop of the major automotive brands. These include Renault, Nissan, Toyota, Ford, BMW and Ferrari. With car factories shut down, even giants of interior have decided to slow down their activities. Chinese grain As ILM reports, auto sales in […]
LVMH denies it: it’s not planning on buying Tiffany’s stocks currently on the market. The French luxury group stated the former, to answer the indiscretions published by Bloomberg in the last few days. LVMH denies it “Rumours circulated recently indicating that LVMH would consider buying Tiffany shares on the open market,” the company said in […]
Is LVMH going to renegotiate the terms of the Tiffany acquisition? Share prices of Tiffany stocks are decreasing with the Coronavirus outbreaks. In other words, the French luxury conglomerate could acquire the US brand’s shares for a lower price than that offered previously. Meanwhile, Tiffany has published its yearly results: stable throughout the year, with […]
BMW and Rolls-Royce are the last two car manufacturers that have suspended work activities. The car groups have decided to shut down factories for one month and two weeks respectively. Both prudence and market reasons have driven their choice. On the one hand, we must contain the widespread Coronavirus outbreak; on the other hand, new […]
Stop trade war or, at least, postpone payment deadlines. In addition, foster cash credit to guarantee companies’ solvency. In the USA, they are shutting stores and firms in compliance with federal regulations, issued in order to contain the widespread Coronavirus outbreak. Yet, in the meantime, cash flows are still, whereas expenses (for rent and work […]
In China, things are gradually going back to normal. Yet, in the meantime, Covid-19 outbreak starts spreading across the United States: therefore, one of the most important fashion markets is about to brace itself for a work closure period alongside a downturn in sales. Stock Exchanges and financial markets wonder about consequences: for sure, they […]
After a long thriving period, Brazil’s livestock and farming industry has started slowing down. In fact, Covid-19 outbreak is hindering meat, produced by the South American giant. The most important groups in the country are thinking about, possibly in the future, the closure of slaughterhouses. Prudence demands for it (as much as the market feedback). […]
We are talking about a daily monitoring task whose aim is to evaluate the impact of Coronavirus on footwear industry. Brazil’s footwear industry association (Abicalçados) launched the project by rallying entrepreneurs, in order to limit, as much as possible, pandemic detrimental effects. The meeting In the last few days, the association called an emergency meeting, […]
Following a positive export trend in 2019, all of a sudden Spain’s footwear must face Coronavirus threatening nightmare. What concerns most is shortage of capital assets, which may jeopardize companies’ solvency and access to credits. Coronavirus deeply hits Spain’s footwear According to José Monzonìs, president of the Federation of Spanish Footwear Industries (FICE), they will […]
Following a positive year, recently ended, Inditex have been implementing a few measures to cope with emergency. The former: they have postponed the group’s decision about the share of profits. The latter: they have set aside 287 million euros. For that matter, Coronavirus broke out right after the closing of the financial year (which ended, […]
2019 and present time for Prada has consisted of an inevitable path between the “great progress” (of last year) and the (current) emergency situation. After all, analysts had forecasted a revenue of 3.21 billion euro and operating income of 306 million euro (according to Refinitiv). While 2019 was archived with 3.226 billion euro in net […]
French luxury groups take the field to fight Coronavirus. Kering donates 2 million to hospitals: the brands that belong to François-Henri Pinault’s company undertake a joint donation to the main Italian health organisations. LVMH group will instead concentrate the production of some of its companies on hand sanitiser gel to be donated to French hospitals. […]
A large number of companies are mobilising with initiatives and donations to fight the Coronavirus pandemic. Fashion raises money to support the fight against Covid-19. 50,000 euros to Cotugno hospital from Campania footwear industry 50 shoe factories in Campania have donated 1,000 euros each to Cotugno hospital in Naples. “Despite the fact that companies are […]
