Luxury boutiques in France are boarding up their usually glitzy storefronts, hiring extra security and some are planning to close for fear of more street protests. The decision comes after rioters smashed and looted hundreds of stores in Paris, Marseille and Bordeaux last weekend.
The French market is particularly vulnerable, as the country attracts a large number of foreign luxury buyers. Revenue from these customers is important for brands already facing weak global demand.
Marches in Paris and increased police presence
New demonstrations are planned in Paris by the National Union of Students in France and activists from the “yellow vest“ movement. Participants are expected to protest against the high cost of living and cuts to public services.
The French Interior Ministry plans to deploy 70,000 police officers, backed by specialized units. The aim is to prevent a repeat of the violence in which shops and public buildings were attacked. The Associated Press reports that about 3,000 stores in France were damaged or looted over the past weekend.
Interior Minister Laurent Nunes warned that authorities would be "uncompromising" with those involved in the violence and that there would be arrests and legal consequences.
Major Paris museums also closed
The security measures are not just affecting retailers. In Paris, the Louvre, the Musée d'Orsay, the Musée Picasso and the Grand Palais are closed. The contemporary art fair Art Basel also canceled its weekend program due to fears of further unrest.
Last week, protests that began over the cost of living and the state of public services turned into clashes, fires and looting. Now the luxury sector is trying to limit the damage to its stores and its public image.
The pressure comes at a time when consumer sentiment has weakened and a slowdown in tourism, also linked to the war in Iran, is contributing to disappointing quarterly reports from major companies in the industry.
Sources: bta.bg, apnews.com