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Coronavirus and luxury retail: Shopping for used Hermes, Cartier in Covid era

Coronavirus and luxury retail: Shopping for used Hermes, Cartier in Covid era

By: Eric Rosenbaum, Susan Caminiti
Source: CNBC
Date of Publication: September 19th, 2020
The luxury market has taken a big hit during the pandemic, and the mega-deal between Tiffany’s and LVMH is on the verge of falling apart. Used apparel and accessories start-ups The RealReal and ThredUp are rebuilding business models to deal with Covid-19 requirements. Resale experiments at department stores like Macy’s are underway and its CEO says luxury is a bright spot amid a bleak retail landscape, while Walmart also has a new deal with ThredUp. Luxury shopping is a big consumer prize: Amazon just announced its entry, Amazon Luxury Stores.