Gucci Struggles as Pandemic Keeps Tourists Home

in the market upheaval sowed by the coronavirus. Hermès, the French brand known for its stratospherically-priced handbags, said Thursday that revenue rose 4.2% in the quarter, fueled by strong growth in Asia.

Louis Vuitton and Dior drove a 12% sales jump in the fashion and leather goods division of LVMH Moët Hennessy Louis Vuitton SE. Gucci is struggling because it has come to depend heavily on what was, until the pandemic, a highly-profitable strategy: selling to well-heeled shoppers, particularly the Chinese, when they travel abroad. With international travel largely locked down, brands have been forced to encourage shoppers from China and elsewhere to buy where they live.such as Paris, Milan and London. It also has a large business at duty-free stores in airports.

COVID-19 has major impact on businesses all accross the world

This is why Federal Reserve money can't float the current company valuation. Eventually, the reality that you need real customers with A) money and B) the ability to leave ones house become increasingly clear. Re-opening the economy and hoping for the best was really stupid.

Brand supported by new money only.

You hate to see it. Lol

yall_zoe daphne60527499

Oh well. Boo hoo. They'll probably get a taxpayer bailout.

Gucci reported a 12% drop in third-quarter sales. The Italian fashion house was hit hard by the absence of well healed tourist shoppers from the words upper classes during the pandemic.

OMGOODNESS .. 12% .. how horrible. Yet, all these lockdowns and mandates leave many without it a job or an income period. How selfish.

gucci let’s seeeee some sales 🛍 👜 👠

Pardon me for not shedding a tear for this trashy over priced cloth and fabric...

Oh. Gee. That’s too bad. Over it.

Welcome to the outside world Gucci.

Adaptation?

I hope I can sleep tonight with this news 😏

Asia means China here.

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