Retail shares fell a record 7.9 percent Thursday as investors continued to trade on economic and credit fears and the industry pondered how to adapt to the financial meltdown.
The Standard & Poor’s Retail Index plunged 23.89 points to 276.88. The top five declines since the index was recalibrated in mid-2002 have all occurred over the last three weeks as the credit crunch spread overseas and unprecedented steps to add liquidity to the market failed to sooth investor psychology.
Chanel has postponed plans to restage its Métiers d’Art show in Beijing in May due to uncertainty over the coronavirus epidemic. “Considering the current situation and following the guidance of Chinese authorities, Chanel has decided to postpone its project of a replica of the Paris — 31 Rue Cambon 2019/20 Métiers d’art collection in May in Beijing to a later and more appropriate moment,” the house said in a statement on Monday. “Chanel is monitoring the situation closely. At the foremost are the health and wellbeing of its teams and clients,” the French fashion house added.
The collection was initially shown at the Grand Palais in Paris on Dec. 4 and was scheduled to travel to China before another showing in London on June 4 at Old Billingsgate, a 19th-century Victorian building overlooking the Thames River.
Meanwhile, Prada said on Monday it would postpone its resort show in Japan, scheduled for May 21, as a precautionary measure in light of the uncertainties connected to the spread of the coronavirus.
The outbreak, which has killed more than 1,600 people in China, has prompted authorities to seal off entire cities and airlines to suspend traffic to and from China. As a result, Chinese designers have canceled planned presentations and shows overseas during the current round of fashion weeks.
Report: @jdiderich 📷: @zefashioninsider