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This Practice Note contains a jurisdiction-specific Q&A guide to luxury and fashion in USA published as part of the Lexology Getting the Deal Through series by Law Business Research (published: February 2021).
Authors: Hogan Lovells—Kelly Tubman Hardy; Meryl Rosen Bernstein; Chandri Navarro; Anna Kurian Shaw ; Timothy Tobin; Steven Steinborn; Phoebe Wilkinson; Lauren Battaglia ; Michael DeLarco; Daniel Petrokas; Aleksandar Dukic; Margaret (Maggie) Pennisi; Brendan Quinn
The luxury fashion market in the United States was rocked by the covid-19 pandemic in 2020, with the shutdowns and the cessation of global tourism changing what and how luxury customers purchase. Tariffs and a strong dollar had already begun to present challenges for the US luxury market in 2019, as Chinese consumers began buying closer to home. But in early 2020 global tourism ceased, airport shops – a major driver of luxury sale globally – were empty, and cities shut down. The effects on luxury sales were immediate and catastrophic, with even the strongest brands experiencing revenue decreases of 40 per cent and more in the second quarter. However, as the year progressed, there were bright spots. Online sales took off, the strongest brands pushed through significant price increases while simultaneously negotiating rent decreases, and perhaps most surprisingly, sales to local consumers increased,
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What is a third party debt order (TPDO)?This Practice Note explains what a third party debt order (TPDO) (previously known as garnishee orders) is as a means of enforcing a judgment debt, with reference to CPR 72. The order directs a third party who owes money to the judgment debtor to pay that
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