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China-addicted luxury stocks cheer Beijing's looser COVID curbs

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Shares in global luxury goods groups, which rely heavily on Chinese shoppers, rose on Tuesday after Beijing further relaxed some COVID restrictions that had been in place for the past three years, fuelling hopes of a full-blown reopening soon.

China, which is gradually moving away from a strict zero-COVID policy that battered its economy, kept consumers indoors and sparked a wave of public discontent, accounts for 21% of the world's 350-billion euro luxury goods market, behind North America and Europe.

It is expected to become the top market for the industry by 2025 and already generates about 35% of annual sales at Gucci, French group Kering'sWith Europe facing an energy crisis and the U.S. economy also cooling due to higher interest rates, China is looking to a recovery next year and the luxury world is hoping to take advantage of that.

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France is smart enough to make money first.

Yeah, because nothing says 'I'm so glad to be free from lockdown' than running out to queue up for a new Gucci bag?!!! CovidIsNotOver CovidIsntOver covidchina

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Shares of China-based funeral company are surging as Covid infections spikeHong Kong-listed shares of China's biggest cemeteries operator and funeral service rose to their highest level in more than a year amid a brutal Covid wave. But China said they only have a dozen or so Covid infected cases. 😂 Sick! Now you understand why your gubberment wants to kill you ! They save so much ! 😂 remember all that money you gave them ? Hahahaha
Source: CNBC - 🏆 12. / 72 Read more »