European luxury shares suffer rout as Chinese forgo high-priced goods
==========
European luxury shares have lost US$240 billion in market value; China's wealthy consumers are not returning to luxury shopping amid economic downturn; Burberry Group's market value down 70% in the past year, leading to its removal from FTSE 100; Kering and Hugo Boss have lost nearly half their value; LVMH's quarterly organic revenue growth at 1%, down from 21% a year prior; UBS analyst Zuzanna Pusz predicts 'slower for longer' outlook for luxury sector; Tiffany & Co plans to halve its Shanghai outlet size; Hong Kong luxury malls are nearly empty; analysts are cutting profit estimates for luxury firms; Morningstar's Jelena Sokolova sees investment opportunities in Kering and high-end brands like Hermes.
#LuxuryGoods #China #MarketDownturn #Burberry #Lvmh #Kering #HugoBoss #EconomicImpact #Retail #Investments
https://www.scmp.com/business/china-business/article/3278584/european-luxury-shares-suffer-us240-billion-rout-chinese-forgo-high-priced-goods
South China Morning Post /
npub1x2…knuvq
2024-09-15 05:47:08
Author Public Key
npub1x2q0x7w5tqx0x3j9tdvkvqmetarpr8axhpjq7qw5xxrcysdwtrzssknuvqPublished at
2024-09-15 05:47:08Event JSON
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"content": "European luxury shares suffer rout as Chinese forgo high-priced goods\n==========\n\nEuropean luxury shares have lost US$240 billion in market value; China's wealthy consumers are not returning to luxury shopping amid economic downturn; Burberry Group's market value down 70% in the past year, leading to its removal from FTSE 100; Kering and Hugo Boss have lost nearly half their value; LVMH's quarterly organic revenue growth at 1%, down from 21% a year prior; UBS analyst Zuzanna Pusz predicts 'slower for longer' outlook for luxury sector; Tiffany \u0026 Co plans to halve its Shanghai outlet size; Hong Kong luxury malls are nearly empty; analysts are cutting profit estimates for luxury firms; Morningstar's Jelena Sokolova sees investment opportunities in Kering and high-end brands like Hermes.\n\n#LuxuryGoods #China #MarketDownturn #Burberry #Lvmh #Kering #HugoBoss #EconomicImpact #Retail #Investments\n\nhttps://www.scmp.com/business/china-business/article/3278584/european-luxury-shares-suffer-us240-billion-rout-chinese-forgo-high-priced-goods",
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