European Luxury Shares' $240 Billion Rout is Just the Beginning [BNN Bloomberg (Canada)]
BURBERRY GROUP PLC S/ADR (BURBY)
NASDAQ:AMEX Investor Relations:
burberryplc.com/en/investors.html
Company Research
Source: BNN Bloomberg
Once seen as Europe's answer to the US “Magnificent Seven” tech megacaps, shares in companies producing high-end clothing, handbags and jewelry are languishing, sapped by a spending slump. Even more ominous are signs that China's rich, who once flocked to upscale boutiques in Paris, Milan and Hong Kong, may not return, their appetite for pricey items extinguished by the economy's downward spiral. “This year is more volatile and more painful because it comes after this excessive growth,” Flavio Cereda, an investment manager at GAM UK Ltd. said, referring to the period immediately after the pandemic when consumers liberated from lockdowns splurged on shopping and travel. For Britain's iconic raincoat maker Burberry Group Plc, it's culminating in ejection from London's FTSE 100 stock index, with its market value down 70% in the past year. While it's the only major brand to lose its index slot, an gauge of luxury shares compiled by Goldman Sachs has shed $240 billion in value from a
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News
- Burberry Group plc (OTCMKTS: BURBY) was downgraded by analysts at Jefferies Financial Group Inc. from a "hold" rating to an "underperform" rating.MarketBeat
- European Luxury Selloff Deepens on Goldman, Jefferies Warnings [BNN Bloomberg (Canada)]BNN Bloomberg
- European Luxury Selloff Deepens on Goldman, Jefferies Warnings [Yahoo! Finance]Yahoo! Finance
- Is Burberry Group (BURBY) a Top Luxury Clothing Stock to Invest in Now? [Yahoo! Finance]Yahoo! Finance
- European Luxury Shares' $240 Billion Rout Is Just the Beginning [Yahoo! Finance Canada]Yahoo! Finance Canada