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Coronavirus crisis: Cosfibel believes industry will face cash-flow problem

Katie Nichol
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Coronavirus crisis: Cosfibel believes industry will face cash-flow problem

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As part of our coverage on how luxury packaging suppliers are faring in the current coronavirus climate, Stanislas Péronnet, group COO of coffret, cases and promotional accessories specialist Cosfibel, lifts the lid on how the company is handling the health crisis.

What are your most pressing issues given the covid-19 situation?

One of the big issues is the closure of our customers' delivery sites at a time when we have been active in limiting the consequences of delays in reopening with our main Chinese partners. This means we are having to store containers on arrival and reduce the pace of scheduled delivery departures.

What impact has the health crisis had on your production? 

The whole industry will face a cash flow problem and we are working to find solutions. This will become more tense if the situation continues for more than another month.

What strategies are you implementing?

As we are used to working remotely, we have had no difficulty in setting up home-based work, while maintaining, to ensure developments, small and protected teams on site to handle the arrival and departure of samples. We also decided to resort to short-time working in France.

How have things changed regarding your customers? 

At our customers, our contacts have organized themselves in a home office and we deliver to them, so product development continues. The new problem of the closure of our customers' delivery sites remains.

What difficulties are your factories in France/Europe facing versus those in Asia?

Our factories in China have returned to 75% of their workforce and production is starting up again. It is now the turn of European factories to get organized. Our site in Spain operates in small staggered shifts, but this has had the effect of increasing its time slots and therefore maintaining production.

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