Gucci-Owner Kering Cut to Sell as Goldman Doubts Luxury Rally

Bloomberg10-01

(Bloomberg) -- Last week’s China-fueled rally in luxury-goods stocks is based on unstable foundations, according to Goldman Sachs Group Inc. analysts. Stimulus measures announced by the economic giant...

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While the analyst is positive on Gucci’s plans to reposition its portfolio to a more “evergreen” style, earnings visibi","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","PPRUF":"Kering SA","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","PPRUY":"Kering SA","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","BK4588":"碎股","BK4550":"红杉资本持仓","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","BK4552":"Archegos爆仓风波概念","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","IE00BFXG1179.USD":"BNY MELLON U.S. EQUITY INCOME \"B\" (USD) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4504":"桥水持仓","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","BK4202":"服装、服饰与奢侈品","LU0106831901.USD":"贝莱德世界金融基金A2","BK4127":"投资银行业与经纪业","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC"},"translate_title":"由于高盛怀疑奢侈品涨势，Gucci所有者开云集团(Kering)削减了销售额","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PPRUY":0.9,"PPRUF":0.9},"content_text":"(Bloomberg) -- Last week’s China-fueled rally in luxury-goods stocks is based on unstable foundations, according to Goldman Sachs Group Inc. analysts.\nStimulus measures announced by the economic giant are unlikely to have a positive impact on high-end discretionary spending in the near term, Goldman’s Louise Singlehurst wrote in a note on Tuesday, downgrading Gucci-owner Kering SA to sell.\n“We expect a difficult six months ahead for the luxury peers,” the analyst wrote. “The appetite to purchase high-end discretionary goods is dependent upon the health and confidence of the consumer.”\nThis sentiment was echoed by HSBC Holdings Plc’s Erwan Rambourg, who said on Tuesday that the road to a recovery in Chinese luxury consumption “will be long.”\nDespite last week’s gains, a Goldman Sachs basket of European luxury goods makers remains down 16% since reaching a peak in mid-March.\nGoldman’s Singlehurst is particularly cautious on companies in the middle of a turnaround, like Kering, whose shares have slumped 37% this year. While the analyst is positive on Gucci’s plans to reposition its portfolio to a more “evergreen” style, earnings visibility could take a hit.\n“In the current market environment where store traffic is depressed and consumer confidence is soft, particularly in China, we see this is a difficult ambition to achieve,” Singlehurst added.\n--With assistance from Joe Easton, Michael Msika and Allegra Catelli.\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2472287383"}