LUXURY CONGLOMERATES ARE DONATING MILLIONS TO HELP COUNTRIES AFFECTED BY COVID-19 VIRUS
- By Style MNL staff
- 5 years ago in FASHION NEWS
- 1 Comment
With billions of losses and more to come, Luxury retailers haven’t stopped them from donating to help those affected by the COVID-19 virus.
Amidst the Corona Virus Pandemic and billions of losses for the big business sectors around the world, the luxury fashion industry as part of the affected areas, are still on their toes helping groups and institutions to treat and help those affected around the world.
According to a report published by Business of Fashion, the MSCI Europe Textiles, Apparel & Luxury Goods Index reporting a 23% drop and $152 billion in market value erased from the industry from January 17 to March 11.
During the early stages of the Corona outbreak, LVMH, the company behind some of the finest luxury brands in the world like Louis Vuitton, Tiffany & Co., and Fendi pledged a donation of $2.2 million to The Red Cross Society of China.
The number of global cases continues to rise, and just last March 11, World Health Organization (WHO) announced Corona Virus as a global pandemic, affecting not only the country of China but also in other parts of every continent, except Antarctica.
Here are other names of the most notable people and brands in luxury who have donated for the cause.
Reported by Sandra Salibian from Women Wear Daily. Designer Giorgio Armani gave $1.4 million worth of donation to numerous Italian hospitals and institutions to help aid in finding a cure and treat the affected people in Italy.
Kering
The luxury conglomerate which owns Gucci, YSL, and Alexander McQueen donated $1 million to the Red Cross Society of China as reported by Leona Liu of South China Morning Post.
In the same report by Liu, Hermes donated $711,278 to the China Song China Ling Foundation which highlights the medical professionals currently fighting the virus in the country.
The brand donated $143, 748 to The Chinese Red Cross Foundation to help bolster the country’s shortage of medical supplies
Bulgari
Luxury jewelry brand Bulgari also donated a hefty amount to the Instituto Lazzaro Spallanzani’s research. Reports shared that the donation allowed for the department to buy a microscopic image acquisition system which will help medical teams figure out how to prevent and treat the virus, worth about $112,856.00.
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