BUZZ-Prada sinks to 5-month low amid weakness in key luxury groups

Reuters07-16

** Shares of Italian luxury group Prada drop 5.6% to HK$51, lowest since Feb. 16, tracking weakness in the performance of global luxury firms

** Prada stock on track for biggest one-day pct drop since Nov. 17 if trend holds

** German fashion house Hugo Boss on Monday cut its sales guidance for the year amid weakening global consumer demand, especially in markets like China and the UK

** Watchmaker Swatch Group reported a steep drop in first half sales and earnings as demand for luxury goods in China remained weak, but forecast business would improve later in 2024

** British luxury group Burberry expects to post operating loss for H1 2024

** Sales at Richemont were almost unchanged in the three months through June as a sharp drop in Chinese demand clouded the overall result

** In Hong Kong, jeweller Chow Tai Fook falls 2.1% while Luk Fook eases 2% to the lowest since July 2020

** Hang Seng Consumption Index and Hang Seng Index

both fall 1.5%

** Including session's loss, Prada stock is up about 21% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment