How are luxury companies in Europe taking a cheeky look at state support? breakingviews provides concise views on the pandemic’s corporate and financial fallout:
American Dream mall is pictured after New Jersey Governor Phil Murphy closed indoor shopping malls, to avoid the spreading of the coronavirus disease , in East Rutherford, New Jersey, U.S., March 18, 2020THE CHIC OF IT. Designer Kurt Geiger is gifting 5 million pounds of fashion to British health workers. The brand is aiming to get at least 1,000 pairs of shoes to the National Health Service frontline every week.
AMERICAN DREAM IS LOST. The developers behind New Jersey’s mega-mall are shifting the retail footprint mix even further amid the coronavirus. Originally, 45% of American Dream’s square footage was to be dedicated to retailers like Saks Fifth Avenue. Owners Triple Five reduced that to 30%. American Dream’s part-launch was bold to begin with but now looks especially troubled.
UNDESERVING. Luxury mega-brands like LVMH and Kering, owned by two of France’s richest men, are bracing for a whopping Covid-19 hit. With stores closed across the United States and Europe, Goldman Sachs expects sector sales to contract 30% in 2020. That’s three times as bad as in 2009. But it still doesn’t give the duo an excuse to rein in costs by tapping state-backed job support schemes in countries like France, as a report by the Financial Times suggested they were tempted to do.
FINAL CUT. A horror movie is unfolding for cinema chains. British operator Cineworld on Tuesday said it had closed all its theatres because of the coronavirus and suspended its dividend. AMC Entertainment, the world’s biggest, hopes to reopen U.S. stores for the summer but with blockbusters like the latest instalment of James Bond delayed, theatres are going to find it harder to drive sales.
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