News Formal

Europe Luxury Stocks Slide as Richemont Chairman Says Inflation Is Denting Demand

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 50%

日本 ニュース ニュース

日本 最新ニュース,日本 見出し

Luxury-goods stocks slumped in Europe after Richemont Chairman Johann Rupert said inflation is starting to dent demand across the region.

Behemoth LVMH, recently dethroned by drugmaker Novo Nordisk A/S as Europe’s largest company, fell as much as 3.8%. That reduced its market capitalization below $400 billion, far from a peak of more than $500 billion reached earlier this year.

Richemont, the Swiss owner of Cartier and watchmakers including IWC and Vacheron Constantin, dropped 3.6% and Moncler SpA declined 4.1%. “We’ve seen the squeeze,” Rupert, the leader and controlling shareholder of Richemont, told shareholders at the company’s annual meeting in Geneva on Wednesday. It’s a fresh setback for a sector that has been under pressure over the last few weeks on persistent worries about the economic slowdown in China, which accounts for about a fifth of their revenue. That also adds to a reversal in the sales boom when economies started coming out of the pandemic as shoppers, helped by low interest rates and pent-up savings, splurged on pricey goods.

Also on Wednesday, HSBC Holdings Plc published a note cutting estimates and price targets across the luxury space. Analyst Erwan Rambourg attributed the changes to the impact of a recovering euro and a higher cost of growth for the industry in the short term.

 

コメントありがとうございます。コメントは審査後に公開されます。
このニュースをすぐに読めるように要約しました。ニュースに興味がある場合は、ここで全文を読むことができます。 続きを読む:

 /  🏆 83. in JP

日本 最新ニュース, 日本 見出し

Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。

European Stocks Decline as Weak China Data Weighs; Luxury SlidesEuropean equities fell at open on Tuesday as disappointing China data added to concern over the nation’s fragile economic recovery, weighing on stocks strongly exposed to the market.
ソース: BNNBloomberg - 🏆 83. / 50 続きを読む »

European Stocks Slip as Weak China Data Weighs on Luxury Sector(Bloomberg) -- European equities were trading slightly lower as disappointing China data dragged down luxury stocks, outweighing a broad rally in the financial sector.Most Read from BloombergHuawei Teardown Shows Chip Breakthrough in Blow to US SanctionsWhy China Is Avoiding Using ‘Bazooka’ to Spur EconomyChina Slowdown Means It May Never Overtake US Economy, Forecast ShowsOpenAI CEO Sam Altman First Person to Get Indonesian Golden VisaThe Stoxx Europe 600 declined 0.2% by 12:16 p.m. in London a
ソース: YahooFinanceCA - 🏆 47. / 63 続きを読む »