Luxury stocks are at risk from China’s slowdown after riding high for months on optimism that the rich would return in force to shopping in the world’s second-largest economy and to traveling abroad to browse in the finest stores.Not long ago, for example, Wall Street considered shares in LVMH —the French company owns dozens of high-end brands, from fashion and fragrances to wine and watches—to be one of the best plays on the post-Covid reopening of China.
“Weak China macro data suggest a much softer consumption recovery post Covid-reopening than the strong rebound seen in the U.S. and Europe in 2021-22 and in Japan more recently,” Rogerio Fujimori, an analyst at Stifel, wrote in late July. And others in the luxury sector are faltering, too. Cie. Financière Richemont , which owns Montblanc and Cartier, is down nearly 19% since its peak of more than 155 Swiss francs in mid-May. Kering , which owns Gucci and Balenciaga, soared to 600 euros at the end of March; now, the stock is off almost 17%. Hermès International peaked later, at above 2,016 euros on July 31, but has lost more than 4% in just the past month.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
La source: Investingcom - 🏆 450. / 53 Lire la suite »
La source: MarketWatch - 🏆 3. / 97 Lire la suite »