The Coronavirus epidemic that is sweeping across China has set everyone on edge, even luxury brands. Retailers in China are feeling the impact as malls and retail stores empty out with people staying away from public spaces due to the infectious nature of the virus.
Now luxury brands are stepping into the foray by donating billions of dollars to local governments and charitable organisations in an effort to stem the tide of this global pandemic. Among them is luxury goods company LVMH, whose brands include TAG Heuer, Zenith, Hublot among many others, which donated USD2.3 million.
According to Reuters, LVMH chairman Bernard Arnault said it is still too early to estimate the impact of the Coronavirus though if the outbreak lasts a few months then the impact won’t be too significant. However, if it lasts for years, that would be another matter.
In the past, LVMH has donated to global causes including the Notre Dame Cathedral restoration and the Amazon rainforest.
Apart from LVMH, it’s rival French luxury good company Kering al, whose brands include Gucci and Yves Saint Laurent, donated over USD1 million.
The vast majority of the funds donated went towards funding the Chinese Red Cross Foundation to help stock up urgent medical supplies as well as front-line prevention.
As of the time of this article, the Coronavirus has infected over 6,000 people worldwide and claimed over 100 lives.