Top European luxury groups have shed about $280.26 billion of market value this year as spending by Chinese consumers wilts and AI-driven stock market wobbles depress demand for high-end shoes and handbags.
Results from LVMH, Hermes and Gucci owner Kering this month all missed market expectations that had already been cut significantly, confirming fears that the luxury industry remains in the grip of a multiyear downturn.
Europe\u2019s six largest listed luxury companies \u2014 which also include Richemont, Prada and Moncler \u2014 have collectively lost $81.5 billion of market value this year.
The declines have been steepest at LVMH and Hermes, the two largest luxury groups, whose market capitalisations have shrunk by $147.6 billion and $104.6 billion respectively.
Demand from shoppers in China was the industry\u2019s motor of growth for over a decade but a prolonged property slump and weak stock market performance have undermined domestic demand over the past few years.<\/p>\n","protected":false},"excerpt":{"rendered":"
Top European luxury groups have shed about $280.26 billion of market value this year as spending by Chinese consumers wilts and AI-driven stock market wobbles depress demand for high-end shoes and handbags.Results from LVMH, Hermes and Gucci owner Kering this month all missed market expectations that had already been cut significantly, confirming fears that the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-72710","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\n