# By the end of March, roughly $100 billion in market capitalisation had been erased from major luxury conglomerates.

*business · news · 2026-04-11 · The Financial Express*

## Key points

- Major luxury brands lost $100 billion in market value due to the Gulf conflict.
- Dubai International Airport's closure instantly halted 60% of UAE luxury spending, mostly from tourists.
- Dior and Chanel have shifted strategy, now offering more products under €4,000 to regain lost customers.
- The global luxury customer base shrank by 60 million since 2022, partly due to steep price hikes.
- The Islamabad Accord's ceasefire has allowed Gulf luxury stores to reopen, but tourism recovery remains uncertain.

**Companies:** LVMH, Hermès, Richemont, Kering, Chalhoub Group
**Countries:** Iran, United Arab Emirates, Saudi Arabia

[Read the full story on The Financial Express](https://www.financialexpress.com/market/global-markets/global-luxury-stocks-selloff-ceasefire-and-the-moment-of-truth/4203278/)

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