Burberry, Richemont shares slump on China jitters, weaker US

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Reuters UK

PARIS (Reuters) -Burberry and Richemont on Friday laid bare the damage to sales inflicted by China’s strict lockdowns, driving their shares sharply down and renewing concerns about the outlook for the World’s top luxury goods market. Signs of weakness creeping into the U.S. market, the industry’s other main growth engine, added to investor jitters. Shares of British luxury brand Burberry fell 7.1% while Cartier-owner Richemont traded 6.3% lower. Larger peers LVMH and Kering were down 2.3% and 1.7% respectively. “Mainland China is acting as a serious drag” for Burberry, said Sophie Lund-Yates, …

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