European Luxury Selloff Deepens on Goldman, Jefferies Warnings [Yahoo! Finance]
BURBERRY GROUP PLC S/ADR (BURBY)
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Source: Yahoo! Finance
Most Read from Bloomberg A basket of stocks tracked by Goldman slid as much as 3.2% to the lowest level since late 2022 after analysts at the bank predicted the industry will see no growth this year, down from a previous estimate of 5% expansion. “We expect a difficult six months ahead,” analysts including Louise Singlehurst said in a note. “While stocks have priced in some weakness, we incrementally continue to see downside risks.” Shares of companies that produce high-end clothing, handbags and jewelry — like Burberry Group Plc and LVMH — are slumping as investors lose patience waiting for Chinese shoppers to start traveling and splashing out again post-pandemic. Demand from other regions has also waned after an initial post-Covid spike. Goldman's luxury basket has fallen about 25% since mid-March, while the broader Stoxx Europe 600 Index has risen by about 2%. Read: European Luxury Shares' $240 Billion Rout Is Just the Beginning Meanwhile, Jefferies cut its estimates f
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