World fashion capitals get a US $600M haircut thanks to COVID-19

The pandemic has choked the flow of spending during now-virtual fashion weeks in New York, Paris, Milan and London.

Each year over four weeks in February and March, thousands of fashion executives, celebrities, influencers and models hopscotch between the world’s style capitals to attend runway shows.

Attached to them is a multimillion-dollar economy that pumps both investment and tourist spending into New York, London, Paris and Milan.

Almost all shows will be virtual, as they were last September.

The luxury hotels normally packed with fashion’s finest will be near empty, local clubs and venues won’t be welcoming many for nightly parties, museum and art exhibitions will be ghost towns and high-end boutiques will miss out on the cash that flows from a flood of shoppers willing to shell out thousands for a dress or handbag.

All told, the four cities could miss out on more than $600 million in economic activity this season, according to data compiled by Bloomberg.

Here’s a look at what it’s like on the ground in the world’s four prime fashion hubs as the industry braces for a second lost season.

[Source: HindustanTimes]