Michaela Vybohova is the CEO of Michaela V Inc., a New York-based shoe company focused on creating comfortable yet stylish women’s footwear.
This has been a defining year for industries, companies and brands around the world. The coronavirus pandemic has ushered in new ways of doing business, as restrictions have rendered traditional models ineffective. The luxury fashion industry is no exception.
Prior to the pandemic, luxury brands were enjoying ongoing growth. In 2019, for example, one of the world’s leading luxury products group, LVMH Moët Hennessy Louis Vuitton, recorded revenue of 53.7 billion euros, which was up 15% compared to 2018, a press release from the brand said. In the current economic situation, I believe it’s possible that 2020 will not match those figures, especially as many customers have shifted their priorities to purchasing necessities and shopping more cost-consciously, according to an April report by Accenture.