“ Closed shopping centers, a few open shops with reduced hours. And above all, no traffic. ” In a few words, Stefano Sassi, boss of the Italian luxury house Valentino, paints a picture of activity in China.
The second world economic power is at a standstill. The luxury champions, who generate a third of their turnover from Chinese customers, are therefore reviewing their prospects. The British Burberry has closed a third of its 64 stores in China and, with the increase in travel restrictions, he fears a worsening of the situation outside the country. L'Oréal, which makes half of its sales in China via the Internet, hopes to absorb the shock.
Read also: Coronavirus: is China living its Chernobyl?
All sectors are affected. Nearly half of the American companies present in China predict a drop in their local revenues more than 10% in 2020, indicates a survey of the American chamber of commerce in Shanghai. The epidemic affects the economy across borders
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