Luxury brands have always been a huge player in the economy. According to a market report, the luxury fashion market is estimated to be around $110.64 billion in 2020 with continued growth. However, since the arrival of Coronavirus in 2019, the world has been changing in unimaginable ways. It has affected all aspects of our lives from lifestyles to buying patterns. The luxury fashion market was also a victim, contracting for the first time since 2009. In addition to its market size and revenue, this industry is going through some other changes.