What the Louis Vuitton Robberies Mean for Egypt?
By Reem Tolba
A lot of big names in the retail world, such as Chanel and Victoria’s Secret, have been getting demolished and robbed for unknown reasons, and it’s causing people — mostly fashion and business enthusiasts — to panic. It has been reported that Louis Vuitton lost $150,000 of merchandise during a raid in Ohio. However, the most challenging part was that these shops’ computer systems got hacked.
Yes, $150,000 from Louis Vuitton may simply just mean two phone cases, two bags and a coat — but, there is a much bigger problem. The vert fact that they system was breached means that they lost their customer loyalty entirely, and they might end up getting sued.
The comments are very intriguing and intense. One of the users said that “the direction of the economy is going to get worse unless costs go down or jobs pay more,” which honestly couldn’t be more true.
Another comment explained the consequent pathway for the targeted brands, and how they’ll have to increase their insurance policy.
The number of smash-and-grab thefts in the fashion and luxury industry is rising. In the month of November in London alone, night-time smash-and-grab thefts targeted Louis Vuitton, Canada Goose and other retailers. Last month in Illinois, thieves made away with $11,000 worth of underwear from a Victoria’s Secret store, while Louis Vuitton lost $150,000 of merchandise in one raid in Ohio. In June, robbers in Stockholm drove a tractor through the windows of the Chanel store. Besides the obvious loss of stolen goods, gangs also hack computer systems to steal customer data and create cloned cards to shop with in-store. How can retailers protect themselves? [Link in bio] #fashion #chanel
Last but not least, one of the comments made a very good point. It briefly stated that to get rid of this unrest, we have to strive towards a sustainable economy, where there is no such thing as a huge economic disparity gap. When you make a small percentage of the population own more than all of the rest put together, that is inevitably a recipe for revolt.
The robbing and the smashed up shops all resemble the situation that occurred in Egypt during the 2011 revolution — when stores were busted open and robbed like Carrefour and Tawheed w El Nour. Unlike Egypt, Sweden is supposedly safe and stable and the standards of living are reportedly high, so what does that mean for that country? It is safe to assume that the increase in brand’s prices are the main drive to this chaos?
Or, does this mean that due to floatation of the Egyptian pound, we’ll probably be experiencing similar incidents soon enough?