Every big fashion brand seems to be getting affected by the deadly Coronavirus!
US fashion label Ralph Lauren has expressed fears that its Q4 sales may go down by as much as US $ 70 million.
The store footfalls have been slumping rapidly for the fashion label in China, Japan and South Korea owing to the outbreak of Coronavirus. And add to it, two-thirds of Ralph Lauren outlets have already shut down in last 10 days in China.
The fashion brand has, reportedly, said that the operating income in Asia is estimated to fall between US $ 35 million and US $ 45 million.
After an impressive Q3, Ralph Lauren witnessed poor retail traffic all across Asia due to the virus scare and it got further hit with huge slump in tourism.
Commenting more on the same, Patrice Louvet, President and CEO, said “Our dedicated teams are operating with agility in a highly dynamic situation, and we will continue to assess the implications for our business across retail, corporate and our supply base.”
Coronavirus, as per latest reports, has so far killed over 1,700 people in China.