Big-box retailers like Walmart and Target and e-commerce giant Amazon could also find opportunities. They’re among the few retailers that could actually come out of the crisis stronger and will be well-positioned to expand.

It could take time before the deals get moving. The crisis has disrupted the normal flow of business, even threatening to cancel transactions in the works. Retail group L Brands and private-equity firm Sycamore Partners are currently in a legal battle after Sycamore tried to wriggle out of its agreement to take over Victoria’s Secret.

But the next few months should see action starting. Elsa Berry, founder of Vendôme Global Partners, an advisory firm for luxury M&A, told Business of Fashion (paywall) it’s getting ready. “Buyers are mapping out their ideal acquisition targets right now,” she said.

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