Brands Pledge Billions to Fight Coronavirus
International brands across industries are giving money to charities and local Chinese governments in a bid to battle the coronavirus – with more than $2.88bn already donated by businesses around the globe.
Luxury conglomerate LVMH contributed 16m yuan ($2.3m) to the Chinese Red Cross Foundation to help ease the medical supplies shortage in Wuhan, while French luxury group Kering donated 7.5m yuan ($1.08m) to assist the Hubei Red Cross Foundation’s efforts in tackling the virus.
Beauty brands are also stepping up to support the cause, with L’Oréal, Estée Lauder and Shiseido all providing funds for boosting dwindling supplies – such as masks, goggles and protective clothing. Also playing a significant part in donations are jewellery brands, including Austrian crystal giant Swarovski and Hong Kong-based Chow Tai Fook.
It’s a smart strategy – given not only the need to hasten the virus’ eradication for social and economic reasons, but also considering growing consumer expectation for brands to take action in addressing issues facing society. For more on the opportunities for brands to play a more meaningful role in the lives of consumers living in turbulent times, see The Currency of Dissent: Brands Take a Stand.