Europeans aren’t flocking to the U.S. flagships like they used to.
The declining euro is dragging down tourism to the U.S. and traffic in the stores. Earlier this week the euro fell to its lowest level since July 2010 amid global concerns over the ability of Spain, Greece and other countries to restructure and manage debt. While the declining euro strengthens the dollar and makes it easier for U.S. retailers to import, it makes it more expensive for Europeans to travel to the U.S. Earlier this week the euro dropped below $1.25 for the second time this month. The euro closed just over $1.2503 on Wednesday.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)