Tapestry, the parent company of big labels like Coach, Kate Spade and Stuart Weitzman has incurred a heavy loss due to the ongoing Pandemic of COVID-19. The company has reported a net loss of $677 million in its third quarter and a 20 percent sink in its overall sales.
Owing to the decorating conditions, this giant conglomerate had to shut down all its operations first in China and later, globally. Apart from China, Tapestry is reportedly all set to reopen 40 of its stores in the United States and Europe from effectively from May 1, 2020.
But, that doesn’t change the fact that the company is not in a position to bounce back from all the incurred losses just yet. Extremely heightened safety measures with well-equipped masks and gloves have drained the cash stocks of the label with no source of incoming profits. In order to still stay in the business, Tapestry has resorted to desperate measures like laying off its staff and reduction in capital spending.
Not just lives, this deadly virus has its impact on the economy of the entire world. What are your thoughts about this?
(Source- Business of Fashion)
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