Europe’s luxury firms $240 Billion Rout

 


After enduring almost a quarter-trillion dollar hit to their market value in recent months, Europe’s luxury firms may see their stock-market clout wane further as China’s downturn worsens.

Once seen as Europe’s answer to the US “Magnificent Seven” tech megacaps, shares in companies producing high-end clothing, handbags and jewelry are languishing, sapped by a spending slump. 

Even more ominous are signs that China’s rich, who once flocked to upscale boutiques in Paris, Milan and Hong Kong, may not return, their appetite for pricey items extinguished by the economy’s downward spiral.

Bloomberg 8 September 2024

https://www.bloomberg.com/news/articles/2024-09-08/european-luxury-shares-240-billion-rout-is-just-the-beginning


New York’s Fifth Avenue or the Champs-Élysées in Paris






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