The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Curfews and restrictions on public activities in cities such as Mumbai, alongside localised lockdowns in various Indian states, including Delhi, have already cut revenues for organised retail countrywide in half over the last month, according to the Shopping Centres Association of India (SCAI) as reported by the Press Trust of India.
India’s organised retail, which still only makes up 18 percent of the country’s total retail sector, was growing fast pre-pandemic, particularly in first-tier cities, and had recovered close to 90 percent of its business in March, the SCAI said in a statement.
Almost 50 percent of the average monthly revenue of organised retail nationwide of 15,000 crore rupees ($2 billion) was “slashed” last month it said, as state governments imposed restrictions to stop the spread of the virus.
On Monday, India reported 273,810 new cases of the virus around the country, a new record. In response, Delhi will begin a week-long lockdown tonight.
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This week’s round-up of global markets fashion business news also features Brazil’s JHSF, the Abu Dhabi Investment Authority and the impact of Taiwan’s earthquake on textile supply chains.
This week’s round-up of global markets fashion business news also features Dubai’s Majid Al Futtaim, a Polish fashion giant‘s Russia controversy and the bombing of a Malaysian retailer over blasphemous socks.
As luxury marketing hits saturation point in Dubai during the Muslim holy month, global brands are ramping up their local engagement in other Gulf cities including Riyadh, Abu Dhabi and Kuwait City.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.