default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Euro Reaches Parity With Dollar for First Time in Decades

Rising tensions underpinning the relationship between Europe and China will be the subject of the summit, starting April 1.
Rising tensions underpinning the relationship between Europe and China will be the subject of the summit, starting April 1. (Shutterstock)

For the first time since 2002, the Euro has reached parity with the dollar. The currency fell to $0.9998 on Tuesday, though by the end of the day, it was up again, at $1.003, according to CNBC. The US dollar index also hit a 20-year high, at $108.56, though it has slightly dropped since.

In the wake of Russia’s invasion of Ukraine, Europe has been plagued by an energy crisis, with Russia issuing threats to decrease gas supply to the euro zone. That, as well as economic turbulence has depressed the EU’s currency, which was first introduced in 1999.

Learn more:

Weak Euro, Strong Dollar: What It Means for Fashion

Last week, the euro neared parity with the dollar for the first time in 20 years, reflecting a darkening outlook for Europe’s economy as well as moves to curb inflation in the US. For the luxury sector there may be an upside to the shift.

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Financial Markets
A financial lens on the fast-changing fashion sector, including markets, investors and deals.

In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.


For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.



L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024