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Europe’s luxury brands and retailers are, at least, better prepared than in 2020 to weather the storm. The reasons include a continued shift to digital shopping and the resilience of local shoppers. But the cautious optimism of late 2020 has been dashed, says Francesca DiPasquantonio, managing director and head of luxury at Deutsche Bank. “The expectation was that without strict lockdowns, things could start to improve visibly in Europe, potentially moving from Q4 into a better Q1,” she says. “However, we’ve seen closures in Q1 being more impactful than Q4. There has been a sequential deterioration, in terms of the number of stores closed and the percentage of the [retail] footprint.” ....