European luxury shares suffer US$240 billion rout as Chinese forgo high-priced goods

Quick Summary:

China’s rich, who once flocked to upscale boutiques in Paris, Milan and Hong Kong, may not return amid the economy’s downward spiral.

And industry giant LVMH, owner of Moët Hennessy and Louis Vuitton, which was Europe’s largest company by market cap a year back, has slid to second place.

Kering, once a top 10 stock in France’s CAC 40 index, now ranks 23rd.

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Article Details

Author / Journalist: Bloomberg

Category: Business

Markets: Hong KongChinaFrance

Topics: Europe’s Market Shares Enduring Year Index Luxury Value China’s Kering Stock

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-15 @ 13:07:42 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 253 words

Reading Time: 2 minutes read

Sentences: 8 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22510433

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