Faced with shuttered stores and empty streets, big brands are getting nervous about the impact of the coronavirus on their bottom line.
Nike, Adidas, and Capri Holdings, which owns Versace, Jimmy Choo and Michael Kors, are among the companies this week that have warned investors that sales could take a hit.
John Idol, the CEO of Capri Holdings says the situation in China and the measures being taken to protect the population are having a material impact on their business.
According to the company, Roughly 150 of Capri's stores in mainland China are closed in an effort to contain the virus.
Nike, which saw nearly 18% of its sales coming from China in the most recent quarter, says it has shuttered about half of the stores it owns in China. Adidas says the company and its franchises had shut a significant number of shops.
Apple says all 42 of its stores in China will shut until the 9th of February out of an abundance of caution.
Starbucks says it has closed more than half of its roughly 4,300 Chinese locations last week.
[Source:CNN]
