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

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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.

 

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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.

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