PARIS, April 25 — Sales updates from Europe’s big luxury brands have offered scant reassurance that Chinese demand for high-end fashion is recovering, leaving a cloud over the...
1MDB trial: MACC investigating officer says did not ask Najib over US$700m transfer to Jho Low’s firm Good Star
Warning on Tuesday that its first half profit would drop steeply, Kering flagged low demand in Asia, and China in particular, in addition to its struggles to turn around star label Gucci. That sent its shares to six-year lows on Wednesday. The luxury industry had predicted a challenging first quarter compared to the same period last year, when business surged after China lifted stringent Covid lockdowns.But a “panoply of headwinds” are keeping Chinese economic growth slow, Deloitte’s Chief Global Economist Ira Kalish told the World Retail Congress in Paris last week, citing a property crisis, stagnating private sector investment and trade disputes.
But it said Chinese shoppers had purchased an increasing proportion of its goods outside the region, while travelling to Japan and Europe — a view echoed by Prada on Thursday.
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