Luxury stocks slip as fears grow of a prolonged downturn
Publishing timestamp: 2024-09-23 12:21:05
Summary
European luxury stocks, including Hugo Boss and Burberry, tumbled as analysts warned of deteriorating demand outlook, particularly among high-spending Chinese consumers. Analysts at Bank of America Securities downgraded several luxury stocks and expect a 1% revenue decline in 2024 for European luxury firms. The luxury goods industry could be in for a prolonged period of weakness, with concerns about potential tariffs from China adding to the challenges.
Sentiment: NEGATIVE
Tickers: KER-FR, PRP-FF, BRBY-GB, CFR-CH, .STOXX, BOSS-DE, MC-FR,
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Source: https://www.cnbc.com/2024/09/23/luxury-stocks-slip-as-fears-grow-of-a-prolonged-downturn.html