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Luxury

Trouble Brewing for America’s Luxury Sector

Covid-19 has exacerbated pre-existing weaknesses for America’s big luxury players, while US President Donald Trump’s gross mismanagement of the pandemic is only deepening the damage.
Michael Kors Spring/Summer 2020 show | Source: InDigital
By
  • Vikram Alexei Kansara
BoF PROFESSIONAL

It’s been a tough week for some of America’s biggest luxury brands. On Tuesday, Ralph Lauren reported worse-than-expected results for its most recent quarter. Comparable-store sales plunged by 57 percent and the company said it would rethink its “long-term operating structure to align with our evolving strategic priorities.” This includes a reassessment of its brand portfolio, distribution channels, corporate real estate and team.

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