Giorgio Armani donated $1.4 million towards fighting coronavirus - and he's one of many in luxury fashion rallying to help combat the global pandemic

Cartier China

  • Luxury retailers are being hit hard by COVID-19, but that hasn't stopped them from donating to help those affected by the virus.
  • Companies such as LVMH and Kering have donated to foundations that provide medical supplies for those impacted by the virus, while Dolce & Gabbana and Bulgari are providing funding to researchers who are looking to find a treatment.
  • As Business Insider previously reported, since January 17, the MSCI Europe Textiles, Apparel & Luxury Goods Index has fallen 23%, seeing $152 billion in market value erased.
  • Visit Business Insider's homepage for more stories.

The luxury sector has lost billions amid the COVID-19 outbreak, with the MSCI Europe Textiles, Apparel & Luxury Goods Index reporting a 23% drop and $152 billion in market value erased from the industry from January 17 to March 11. But that hasn't stopped some of the most prominent names in the game from donating millions to help those affected by the coronavirus.

In January, during the early stages of the outbreak, LVMH announced a donation of 16 million renminbi ($2.2 million) to The Red Cross Society of China. This was before the virus had spread globally, when it was causing national panic in China as the virus spread across the city of Wuhan. Now, the virus has spread to every continent except Antarctica.

As of now, the virus' impact in China has lessened, and The Guardian reports that 68,000 people have now recovered from COVID-19. But the number of global cases continues to rise. There are over 134,098 people who remain affected, with over 4,964 deaths worldwide.

On Monday, Italy announced that the whole country would go into lockdown, as it reported 15,113 cases of the virus and 1,016 deaths. Italy is currently the most affected European country, as previously reported by Business Insider. On Wednesday, the World Health Organization officially declared COVID-19 a pandemic.

But despite the fact that many luxury brands will likely see millions wiped from their bottom line, numerous companies have stepped up to donate money to combat the spread of the pandemic and help those who have been affected. Here is a list of some of the most notable names and brands in luxury who have donated to the cause.

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LVMH — 16 million renminbi ($2.2 million)

LVMH — 16 million renminbi ($2.2 million)

LVMH gave 16 million renminbi ($2.2 million) to The Red Cross Society of China, Tianwei Zhang of Women's Wear Daily reported in January. Zhang also reported that LVMH has pledged to "obtain and provide" medical supplies.

Richemont Group — 10 million renminbi ($1.4 million)

Richemont Group — 10 million renminbi ($1.4 million)

Richemont, the Swiss luxury conglomerate which owns Cartier, Van Cleef & Arpels, and Chloe, has pledged 10 million renminbi ($1.4 million) to combating COVID-19, as reported by Jonathan Ho of the style publication Luxuo.

Giorgio Armani — €1.25 million ($1.4 million)

Giorgio Armani — €1.25 million ($1.4 million)

Designer Giorgio Armani gave €1.25 million ($1.4 million) to numerous Italian hospitals and institutions, reported Sandra Salibian from Women's Wear Daily.

Kering — 7.5 million yuan ($1 million)

Kering — 7.5 million yuan ($1 million)

Luxury conglomerate Kering, which owns companies such as Gucci, Yves Saint Lauren, and Alexander McQueen, donated 7.5 million yuan ($1 million) to the Red Cross Society of China, reported Leona Liu of South China Morning Post.

Hermès — 5 million yuan ($711,278)

Hermès — 5 million yuan ($711,278)

Leona Liu from South China Morning Post reports that Hermès pledged 5 million yuan ($711,278) to the China Soong China Ling Foundation, which highlights the medical professionals currently fighting the virus in the country.

Versace — 1 million renminbi ($143,748)

Versace — 1 million renminbi ($143,748)

Versace donated 1 million renminbi ($143,748) to The Chinese Red Cross Foundation to help bolster the country's shortage of medical supplies reports Sandra Salibian from Women's Wear Daily.

Bulgari

Bulgari

Jewelry house Bulgari donated an unspecified amount to the Istituto Lazzaro Spallanzani's research department. Located in Rome, its medical team was among the first who were able to isolate the DNA of COVID-19, WWD's Sandra Salibian reports.

Salibian also reports that the donation allowed for the department to buy a microscopic image acquisition system which is worth about €100,000 ($112,856.00). The machine will help medical teams figure out how to prevent and treat the virus.

Dolce & Gabbana

Dolce & Gabbana

Domenico Dolce and Stefano Gabbana announced their brand would be donating to support research by professors at the Humanitas University in Italy who are seeking to find solutions to help fight the virus, Harper's Bazaar's Amy de Klerk reported in February.


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