Reported about 1 month ago
European luxury firms have lost $240 billion in market value recently, largely due to a spending slump exacerbated by China's economic downturn. This decline follows a period of excessive growth post-pandemic, leading to significant stock market losses for major brands like Kering and Hugo Boss. Analysts predict a challenging future for the luxury sector, with slower sales expected, especially as China's wealthy consumers show reduced interest in luxury shopping.
Source: YAHOO