business / news / / City A.M.
Investors flee from leading luxury stocks like Hermès and Gucci.
Kering shares dropped over 11% after reporting a 6% decline in year-on-year revenue to €3.5bn.
KEY POINTS
- Hermès revenue fell 1% to €4.07bn, with shares dropping nearly 8% this week and 22% this year.
- LVMH reported €19.1bn in revenue, hit growth by 1% from the Iran war, and shares are down 24% this year.
- Luxury brands are now facing significant declines not only in the Middle East, but also in China and Paris.
- Burberry’s diversified pricing, including new lower-priced products, has made it more resilient than its overseas competitors.
COMPANIES
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