A rocky fashion month has just ended, but concerns over coronavirus continue to grow amongst the fashion industry and are already taking their toll on Cruise 2021 shows.
Last month, Prada was the first brand to announce the postponement of its 2021 show – which was set to take place in Tokyo. On Tuesday, Gucci called off its show in San Francisco, initially scheduled for May. Now, Versace and Giorgio Armani have added their names to the growing list of labels and have officially cancelled their cruise shows.
In a statement, luxury fashion house Prada explained it was a decision made as a “precautionary measure” as well as being an “act of responsibility and respect” for all the people working and planning to attend the show. Similarly, Versace stated that it was “conscious of the need to prioritise the health and safety of its guests and employees” and added that it would “inform all parties involved on new plans as soon as possible.”
But, how is all this affecting the fashion economy? In February, the Savigny Luxury Index (SLI) ended the month 7.1% down, and the MSCI global benchmark fell 7.5%. Burberry’s stock closed the month almost 16% down, and Prada’s share price also dropped nearly 16%.
“Luxury brands are first of all complying with new regulations issued by different governments, concerning large gathering due to the increasingly difficult situation created by COVID-19. At the same time, lavish shows might result strident against a mood of incertitude and in some case panic, as we have recently witnessed,” business writer Fabio Ciquera told Nowfashion. “Thirdly, costly shows work on a social media impact, and the investment might not produce a valuable return due to the global mood and the impossibility to gather the right people at the same time to travel restrictions,” he concluded.