The permanent layoffs represent 2.5% of its global workforce of 5,000 as it has had stores closed since mid-March and has transitioned some of its manufacturing capacity to PPE production while curtailing production of outerwear. The pandemic has had an impact even in the luxury segment of the sports business. Moncler, headquartered in hard-hit Italy, has a heavy dependence on Europe and roughly one quarter of its revenues are still in wholesale. It saw Q1 revenue fall 18% with direct sales off 19% and wholesale off 15%.

It is not too early to wonder if the luxury brands will have a ... Log in to view full article.