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
- 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.
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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.