As the world slowly is coming to terms with the effects of the coronavirus pandemic, the luxury industry has also been reeling under the massive implications. As of March 25, 2020, a study by Bain forecasted that the luxury market globally would contract by 25 percent to 30 percent year over year in the first quarter.
Luxury brand owners sensed the first tremors of disaster when the virus began spreading through major developed and emerging economies. With government-enforced lockdown, economic growth today is arrested in uncertain curves of recovery.
The luxury fashion sector has to face the inconvenient truth of