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Luxury sector and Covid-19: refreshing products and price points

Luxury fashion brands have made the headlines in recent weeks as they pivot to manufacture face masks and hand sanitizer in the fight against Covid-19, but what is going on behind their closed doors – and how is the pandemic affecting the sector at large?

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The road ahead: learning from the restarting automotive industry in China

China is the first country to restart its automotive production - following the outbreak of Covid-19, and while cultural, economic and social differences exist, the experience there could shed light on the road ahead for Europe and the US.

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Global Covid-19 Helpline - Let's Talk

Mazars wants to be by the side of its clients during these difficult times, and support businesses communities around the world. We have opened the free to access Covid-19 helpline so you can discuss any business, tax, legal or technical questions you may have, and we can connect you with the right Mazars expert, wherever in the world you operate. So, Let’s Talk – and we can find a way to help.

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IT and Cyber security checklist

27/04/2020 The interactive Mazars IT and Cyber Security checklist provides teams with the ability to conduct a straightforward review of the critical areas concerning IT operations and security within an organisation during the Covid-19 crisis.

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Rebuilding Credit Card Profitability post Covid-19

The current pandemic is having far reaching consequences across all aspects of society. Compared to other industries the impact on the credit card industry is relatively mild and from a customer perspective the value of on-demand liquidity is now clearer than ever. However, there will be significant impacts on industry profitability. Reduced international travel will severely impact foreign currency fees, a major revenue driver for credit card issuers. Likewise, stresses on borrowers will drive marked increases in bad debt. Both issues are likely to be with us for some time so what steps should issuers take to adjust to the new normal?

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How banks can prepare for life after containment

24/04/2020 Covid-19 disruption to the banking sector is widespread, including changes to working patterns, changes in customer behaviour, changes to partner-supplier dynamics and direct impacts on profit and loss accounts. The phase of immediate action to ensure business continuity is now largely complete. As infection curves flatten, restrictions are gradually eased and light starts to emerge at the end of the tunnel, banks need to start planning for the next phase.

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Global Mobility Alert April 2020

We hope you and your families are healthy and safe during these uncertain and unprecedented times. The global spread of the COVID-19 affected many employers and forced them to take some difficult decisions, trying to balance the health and safety of their employees with the need to keep the business running.

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How to adjust accounting to manage cash during Covid-19

23/04/2020 The current health crisis may have caused business to come to a halt for some, but for those operating in essential sectors, confinement measures have accelerated production and sales cycles. In whatever circumstance a business finds itself, it needs to find ways of managing available cash if it wants to be in a commercially viable position post-crisis. Since cash flow forecasts are driven by a corporation’s consolidated balance sheet, it is important to approach any action plan with cash, Covid-19 and accounting in mind.

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Sector Insights

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How Covid-19 affects the media sector

As people spend more time at home, content providers are caught between increased customer demand, fierce competition and falling advertising revenues. While some stand to gain from new working arrangements, others are losing this new commercial battle. Free content that hooks users in these changing times could be the key to long-term success.

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Internal audit during and beyond the Covid-19 crisis

17/04/2020 This paper has been created to better enable Heads of Internal Audit to assess the key risks, redefine priorities and prepare for the future.

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EU measures for import VAT and customs duties during COVID-19 pandemic

16/04/2020 Temporary suspension of import VAT and customs duties for goods to help combat the effects of the COVID-19 outbreak.

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What will transport and logistics look like in the post Covid-19 era?

The impact of the Covid-19 pandemic on transport and logistics has been heterogenous, largely due to the diversity of and vast number of players in the sector. The cards have not been dealt evenly. Flightradar24 reports a 55% drop in commercial flights compared to March 2019 [1], whilst sales of food in supermarkets exceeded the Christmas shops many times over in the UK [2], with incidence on the related logistics. Business continuity has been the number one priority for most organisations, yet looking to the future and planning strategically for the post-crisis period should be at the top of the agenda too.

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Crisis management planning to navigate Covid-19

16/04/2020 As the Covid-19 crisis continues, it’s becoming increasingly clear that the challenges for privately owned business are going to last longer, and cut deeper, than anyone anticipated. The initial hope was that businesses were facing a short-term challenge, and that after a short, sharp shock lasting a month or two, things would start settling back to normal. But that is now looking highly unlikely.

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Covid-19: Data protection of employee health information

14/04/2020 As the world deals with an exponential increase in Covid-19 cases, many regulatory bodies have issued public policy guidance concerning data collection, sharing and use of personal information related to employee health. Overall, they emphasise that data protection legislation (GDPR) is by no means an obstacle to public health. However, they advise organisations against carrying out "systematic and generalised" surveillance and data collection of employee health outside of the official measures permitted by public health authorities.

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Technology companies and the new working world

How we live and work has seemingly changed overnight. With much of the world in lockdown, people and businesses are turning to technology to keep them going, whether it’s the surge in video chats, trials of app-based medical advice or growing interest in online food delivery kits.

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How to manage your team’s activities during confinement

14/04/2020 After a few days of confinement, the initial tools for remote work have been more or less installed. Any technical problems have been solved, or are at least in the process of being solved, and a certain etiquette has gradually become respected; including, video call only if necessary, turn the microphone off when you are not speaking, share documents, use instant messaging. Although these adaptations have been essential, they are not enough to effectively manage a team.

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Beyond Payroll Services

Mazars has deep experience in providing outsourced payroll administration to clients around the world. But unlike most traditional payroll providers Mazars offers you more than “just” payroll administration.

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Accounting Standards March Covid edition

20/04/2020 Our last editorial touched, without wanting to believe it, on the wide repercussions we could expect from the coronavirus outbreak. A few days later, with half the world’s population now under lock-down (whether enforced or encouraged), this month’s news has necessarily taken on a distinct flavour all its own. This is why we have produced a ‘COVID-19 supplement’ to examine the impacts of the crisis on 2019 reporting (for those entities still concerned!), and on the annual reporting that does not coincide with the calendar year and on the 2020 interim accounts.

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Covid-19 contact form

Please fill in the form and we will be in touch.

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Dealing with payment delays: financial modelling amidst Covid-19

08/04/2020 The global economy is weakened due to Covid-19: supply chains are disrupted, and market and consumer confidence is undermined. As the consequences of the pandemic continue to occur, many businesses should expect payment delays, loss of revenue and cash shortfalls. Working in these uncertain times, the ability of financial models to forecast business downturns will serve their owners and managers well.

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Amending and renegotiating financing contracts during the covid-19 crisis

07/04/2020 For borrowers and lenders alike, there is an atmosphere of confusion during these uncertain times. Banks are waiting to hear back from borrowers on the impact the crisis has had on their activities. Companies are expecting banks and other institutions to help them get through this rough patch through necessary measures. In this wait-and-see period, where communication is abundant despite having limited communication tools due to remote working, taking a step back does not seem to be an obvious solution. And yet, that is likely the best solution.

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Covid-19 Global Tax subsidies

Summary table of the main COVID-19 tax subsidies and measures in each country.

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Transfer prices in times of COVID-19

During this global pandemic, companies should urgently review their existing transfer pricing models in order to reassess transfer pricing risks, take appropriate countermeasures in the short term and find efficient solutions for compliance.

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Covid-19: Seven points of vigilance for corporate treasurers

06/04/2020 The Treasury & Cashflow Management department at Mazars has summarised seven important points for corporate treasurers in times of crisis: