European luxury giants LVMH and Kering SA fell, extending a rout that’s wiped out about $56 billion from the sector over the past two days, with sentiment starting to turn after a stellar rally this year. Know more:
European luxury giants LVMH and Kering SA fell, extending a rout that’s wiped out about $56 billion from the sector over the past two days, with sentiment starting to turn after a stellar rally this year.
The slump follows a stellar year for luxury firms’ shares, helped by China’s reopening from its Covid Zero policy and estimate-beating results in the latest earnings season. Hermes has gained more than 30 percent this year while Richemont, the Swiss jewelry maker that owns the Cartier brand, is up more than 20 percent.
Sanford C. Bernstein analyst Luca Solca agreed, saying there is likely some profit-taking happening in the sector, with US macro-economic uncertainties and the resurgence of Covid in China among reasons for declines this week. “It is the stocks that have risen the most getting a downward correction: Hermes, LVMH, Moncler,” he said.
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