The race to find a cure and contain the 2019 Novel Coronavirus, which originated from the province of Wuhan, China, has scientists and medical professionals across the world pooling their talents and resources together. The luxury industry is lending a helping hand, as well.
Luxury giants Swarovski, Kering Group (the holding group of brands such as Gucci and Saint Laurent), and LVMH are among the private companies that have made significant donations to the cause, which collectively amounted to $2.8 billion. LVMH made a hefty donation of $2.3 million to the Chinese Red Cross, while Kering gave over $1 million to Hubei’s Red Cross, and Swarovski pledged an estimated half a million worth of donations.
“Our thoughts are with the many impacted by the novel Coronavirus outbreak, and therefore we have decided to donate funds as an immediate contribution to assist,” Kering Group chairman and executive director Francois-Henri Pinault tells WWD.
Other generous donors include Alibaba, which gave funds of over $144 million, L’Oreal, Shiseido, and Estee Lauder Companies.
In other news, sales in the luxury industry have plummeted in the latter end of 2019 and LVMH and the Kering Group have suffered financially due to the Hong Kong protests as well as the outbreak.