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, the world’s biggest luxury conglomerate, announced a donation of 16 million renminbi ($2.2 million) to The Red Cross Society of China. More recently, Moncler announced it would be donating €10 million ($10.9 million) to support the construction of a new hospital in Milan that has over 400 intensive care units.
Here is a list of some of the most notable names and brands in luxury who have donated to the cause.
Moncler — €10 million ($10.9 million)
Moncler announced that it will donate €10 million ($10.9 million) towards the construction of a new hospital in Milan that has 400 intensive care units.
“Milan is a city that has given us all an extraordinary time,” Moncler Chairman and CEO Remo Ruffini wrote on Instagram. “We cannot and must not abandon it. It is everyone’s duty to give back to the city that has given us so much.”
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.
LVMH has also announced that its factories typically used to produce perfumes and cosmetics will begin producing “large quantities” of alcohol-based sanitizers instead beginning Monday; these will then be given free of charge to French healthcare authorities. The announcement comes amid a global shortage of hand sanitizer because of COVID-19.
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)
Designer Giorgio Armani gave €1.25 million ($1.4 million) to numerous Italian hospitals and institutions, reported Sandra Salibian of Women’s Wear Daily.
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)
Leona Liu from South China Morning Post reports that Hermès pledged 5 million yuan ($711,278) to the China Soong China Ling Foundation, which honors medical professionals currently fighting the virus in the country.
Donatella Versace + Family — €200,000 ($223,168)
Harper’s Bazaar’s Ciara Sheppard reported on Saturday that Donatella Versace and her daughter have donated €200,000 to the ICU of Milan’s San Raffaele hospital, which has become overwhelmed with patients who are being treated for COVID-19.
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.
Sergio Rossi — €100,000 ($111,396)
Sergio Rossi has donated €100,000 ($111,396) to a hospital in Milan, and will donate 100% of its online sales profits between March 14 and March 20 to help Italy fight the coronavirus.
Prada co-CEOs Muiccia Prada and Patrizio Bertelli, alongside the brand’s chairman Carlo Mazzi, have donated two resuscitation and complete intensive care units to each hospital in Milan, according to a press release sent to Business Insider.
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
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.
From Business Insider