Luxury stocks lose billions in value amid coronavirus fears - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 10 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 7%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

Luxury retailers have lost billions in value as a result of coronavirus-outbreak fears. Many aren't sure what the full impact will be.

the Lunar New Year to end on February 3 to keep businesses closed for longer because of the outbreak. When stocks reopened on February 3, the Shanghai Composite Index fell 7.7%, and the Shenzhen Component Index fell nearly 8.5%. It was the worst day for Chinese stocks since Black Monday in August 2015. Nearly $445 billion in market value was wiped out.Luxury retailers reported mass store closings and millions in revenue shortfalls as a result of the disruption.

The last time China faced such a major outbreak was in 2003 with SARS, but spending from Chinese nationals accounted for only 2% of the global luxury-goods market at that point.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Maybe if luxury brands didn't rely on Asian slave markets they wouldn't have been so vulnerable to human suffering

No value of money matters in comparison to this virus luxury won't cure the virus that's like saying the profit out weights the life of a human being which it doesn't if I stand correct.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Walmart breaks down how the coronavirus has hit its $10 billion business in China - Business Insider'Our primary focus is of course on our associates and our customers,' Walmart CEO Doug McMillon told investors.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Fund managers' growth expectations falter amid coronavirus headlines - Business InsiderFund managers slashed their expectations for global growth in February for the first time in months. A familiar culprit is to blame: coronavirus.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Their market shut, traders in China's Silicon Valley do business from bagsWhile coronavirus fears curtail much of China’s bustle, traders in the country's Silicon Valley are getting back to business, buying and selling from bags and suitcases on the streets outside their shut premises by DavidKirton_ : the
Source: Reuters - 🏆 2. / 97 Read more »