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Versace Owner Closes 150 China Stores, Sees Virus Slashing Revenue By $100M

COVID-19 recovery is on the horizon but the pandemic's impact on sustainability, retail, product development and consumer buying patterns means the denim industry must evolve. Join Rivet on April 20th at 11 am ET for the COVID, One Year Later roundtable.

Versace parent company Capri Holdings Ltd. closed more than half of its Mainland China store fleet as of Feb. 5, citing the coronavirus outbreak for the temporary measures. While the luxury holding firm easily beat Wall Street’s third-quarter estimates, the public health emergency has taken a toll on the company’s current fourth quarter and could pare revenues,…

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