A $245 Billion Selloff Signals Less Sparkly Future for Luxury Stocks - BNN Bloomberg

Disappointing sales figures from the owner of Louis Vuitton and Christian Dior sent a shudder through a luxury industry that had grown accustomed to stellar growth at the world’s biggest purveyor of high-end consumer goods.

“I used to say that I liked LVMH because they typically do better than expected, but it’s the first time in a while that they disappointed,” said senior portfolio manager Bruno Vacossin at Palatine Asset Management. “Overall, this shows that the sector is not immune to a slowdown.” The results poured cold water on any hopes for a strong demand recovery, notably in China, and showed that weakness had spread. Revenue growth in Asia excluding Japan slowed to 11% from 34% in the previous quarter. Europe’s growth more than halved.

Guiony also warned investors not to expect that its second-biggest fashion brand, Christian Dior, will continue to see the 30% annual growth rates of the past few years.

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.

One Bond Market Is Defying the Global Selloff With Record Returns - BNN BloombergAs bond markets everywhere get battered by a cocktail of higher interest rates, deficit angst and hawkish central bankers, one class of debt instrument is handing creditors double-digit returns: catastrophe bonds.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

One Bond Market Is Defying the Global Selloff With Record Returns(Bloomberg) -- As bond markets everywhere get battered by a cocktail of higher interest rates, deficit angst and hawkish central bankers, one class of debt...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Morocco Pushes to Lose Junk Credit Rating, Finance Minister Signals - BNN BloombergMorocco is lobbying to regain an investment-grade credit score from S&P Global Ratings, vowing to keep its budget deficit in check despite massive new spending commitments stemming from a deadly earthquake and its co-hosting of the 2030 soccer World Cup.
Source: BNNBloomberg - 🏆 83. / 50 Read more »