It’s a bad time to be a maker of expensive clothes — just ask a maker of expensive clothes.
“Tailored clothing is probably going to be near the bottom of people’s priorities,” said Stephen Granovsky, chief executive of Toronto-based Luxury Men’s Apparel Group Ltd. (LMAG), owner of Samuelsohn Ltd., which makes $1,000 sports jackets and $1,500 suits in the north end of Montreal.
It’s not that LMAG’s core customers don’t have money to spend. Despite the COVID-19 crisis, the number of men and women working in finance and real estate was little changed from April 2019, while the number of workers in Statistics Canada’s “professional, scientific, and technical services” category was only 2.7 per cent lower. Meanwhile, the year-over-year overall decline was more than 17 per cent.
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