Hyve Group, the organizer of popular fashion events Pure London and Moda, has released its first-quarter trading update, shedding light on the uncertain operating conditions faced by physical events due to Covid-19 disruptions. Despite these challenges, the company remains hopeful about the gradual return of customer participation, particularly in western countries as the Covid-19 vaccination rollout progresses.

During the first quarter, Hyve Group managed to successfully organize eight in-person events in Russia, Ukraine, China, and Turkey, bringing the total number of events held since the beginning of the pandemic to 20. It is worth noting that the first quarter is typically the quietest period for Hyve in terms of revenue, minimizing the impact of the pandemic on its operations during this time.

While the situation for in-person events in western Europe remains difficult, the company has noted strong demand as the recovery continues into FY22. To adapt to the changing market conditions, Hyve Group has embraced the demand for remote events and has implemented digital strategies. Furthermore, the recent acquisition of Retail Meetup in December has contributed to the company’s positive outlook, with promising bookings for upcoming events in March and May 2021. This strategic approach positions Hyve Group well for the post-Covid-19 environment as markets gradually reopen.

Hyve Group is also maintaining a strong financial position, supported by insurance claims against canceled events. In FY20, the company secured an additional £22 million in insurance income, out of a total capped at £62 million. Insurance cover is in place for the cancellation of FY21 events, with potential claims capped at £50 million. CEO Mark Shashoua emphasized that Hyve Group is well-prepared to navigate the challenges of the Covid-19 crisis, thanks to the decisive actions taken in 2020 to strengthen their financial position, conserve cash, and secure substantial insurance payments.

Shashoua further highlighted that as in-person events gradually return, Hyve Group’s market-leading events are ideally positioned to meet the pent-up demand for learning, networking, and trading, ultimately stimulating the global economy. With the acquisition of Retail Meetup and a strong financial platform, Hyve Group sees itself as well-positioned to successfully emerge from the pandemic.

Useful links:
1. Hyve Group: Visit the official website of Hyve Group to learn more about their events and offerings.
2. Pure London: Explore Pure London’s website to discover their fashion trade show and related information.