Shares in luxury goods makers feature among the top losers in Europe on Monday after Swiss watch maker Richemont warns that sales growth has ground to a halt in Asia, reviving worries about the outlook for the sector.
“Asia Pacific is the slowest growing region this quarter, highlighting the impact of the cautious approach from retailers in the quarter, while Europe and the Americas did ok. There’s a negative read-across for the sector, particularly for hard luxury players,” a Paris-based trader says.
Richemont drops 5 percent, Swatch Group is down 2.3 percent, Burberry down 1.4 percent, LVMH down 1.2 percent and Christian Dior down 1.2 percent.
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