Dear BoF Community,
The rapid spread of novel coronavirus Covid-19 is causing widespread economic and social disruption on a global scale. The pandemic is sending shock waves through every facet of the fashion industry, from manufacturing supply chains to front rows at fashion week. Follow our live blog for minute-by-minute updates.
- Gucci has announced it will dispense with seasons and show twice per year outside the traditional fashion calendar.
- J. Crew is down on cash, pushing the bankruptcy court to pause rent payments on all store locations for 60 days.
- Despite the pandemic, online fast-fashion giant Boohoo managed to stage a branded pool party at Clubhouse, an LA residence housing a number of TikTok and Instagram influencers.
- Americans are more eager to shop post-lockdown, it seems, compared to their counterparts across the world, according to a report from Cowen & Co.
- Lululemon’s share price rose 92 percent last month after a low in March. Analysts credit this to consumers seeking comfortable clothing options while working from home.
- Sales at Chinese e-commerce giant Alibaba increased in the fiscal quarter ending March 31.
- Burberry's sales plummeted nearly 30 percent in its the fourth quarter of its fiscal year as Covid-19 hurt business. Profits for the year fell nearly 60 percent.