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Shares in LVMH and Kering down as shoppers rein in luxury spending
Shares down 4.4% on Wednesday as demand for fashion, watches, leather goods, perfumes and cosmetics slows
Disappointing figures from the luxury goods conglomerates LVMH and Kering as shoppers reined in spending on handbags, designer clothing and champagne have hit the value of firms in the sector around the world amid fears of ongoing weak demand. François-Henri Pinault, the chair and chief executive of Kering, said: “In a challenging market environment, which adds pressure on our top line and profitability, we are working assiduously to create the conditions for a return to growth.” Bag maker Hermès International, the British brand Burberry, Coach owner Tapestry Inc, Richemont and Brunello Cucinelli all saw their value slip on stock markets amid fears of an ongoing slump in luxury goods sales.
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