AFTER seven long days and sleepless nights in March, Tory Burch’s impeccably decorated library in her red-brick home in the Hamptons officially became a war room. Pierre-Yves Roussel, her husband and the chief executive of her eponymous fashion company, claimed the patterned green couch. Across from him, Burch—the company chairman, clad in leggings—took the desk by the window overlooking their seven acres. The couple barely stepped outside the room for three weeks.
“One day went into the next, and one week went into the next,” says Burch, who left her Park Avenue apartment with a small suitcase on March 6, thinking a quarantine would not last long. “I don’t think we had a break for a solid month. It was a very scary time—2008 happened, and we saw our business change overnight. But this was nothing like 2008. This was much, much worse.”
Luxury fashion is fickle even in the best of times. The coronavirus has been an especially virulent pest. Stores around the globe shut down amid stay-at-home regulations. Chinese travelers—whose purchases account for some 30% of luxury-goods sales in Europe and North America—put away their travel bags. J.Crew, Neiman Marcus and Brooks Brothers all filed for bankruptcy. Revenues at Gucci parent Kering and LVMH, Roussel’s former employer, fell around 40% in the second quarter. Ralph Lauren sales tumbled by two-thirds.
Burch and Roussel realized quickly how dire the situation was. Within weeks, they were closing many of their 315 Tory Burch stores across the globe, furloughing most of their retail employees and shelving expansion plans, and coping with a longtime employee’s death from Covid-19. They then began formulating new plans to make sure Tory Burch LLC didn’t unravel.
Denne historien er fra December 2020-utgaven av Forbes Indonesia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 2020-utgaven av Forbes Indonesia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
BACK ON TRACK
Collective wealth gets a 21% boost to a record $162 billion amid an economic uptick.
Championing Locals
The wave of social commerce is enabling inclusive digital economies beyond urban areas.
Boys in the Bubble
Startups are supposed to specialize, but OPENSEA’s founders thrived by building a wide-open market for creating and trading all manner of NFTs, whether art, music or gaming. Now that they’re centimillionaires and poised to become billionaires, they have other worries: competitors, fraudsters and the next crypto crash.
Enduring Relations
The implementation of IA-CEPA amid the pandemic signifies the Indonesia-Australia’s commitment to recover and counter future challenges together.
Sweet Success
Steven Erwin envisions Unifam to become a major global player in the confectionery and F&B industry.
Marathon Man
Across America, scores of municipal pension funds remain scandalously underfunded. But not the pension fund of Tampa’s police and firemen, thanks in large part to JAY BOWEN, whose no-frills approach to stock picking has protected and served them for more than 45 years.
Gold Rallies on Inflation Fears
During September the price of gold rallied to $1,868 per ounce following the release of figures on US inflation by the Bureau of Labor Statistics which indicated that, as of September, CPI inflation had rocketed to 6.2%, above the 5.8% which economists had been predicting.
Set Off to A New Start
Bank Aladin has two main ingredients for success: establish trust and offer better customer experiences.
The Daily Intake
YOUVIT plans to invest further into marketing and grow into one of the leading vitamin brands in Indonesia.
THE CROESUS OF CRYPTO
FTX COFOUNDER SAM BANKMAN-FRIED BUILT A $22.5 BILLION FORTUNE BEFORE HIS 30TH BIRTHDAY BY PROFITING OFF THE CRYPTOCURRENCY FRENZY—BUT HE’S NOT A TRUE BELIEVER. HE JUST WANTS HIS WEALTH TO SURVIVE LONG ENOUGH TO GIVE IT ALL AWAY.