French luxury goods groups’ bonds smash by weak Chinese data
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After negative economic data from China, a key market for many of the world’s top fashion brands, shares in French luxury goods companies LVMH and Kering (PA: PRTP) plummeted on Monday.
In early trading, Kering was down 1.7 percent, while LVMH was down 1.3 percent. Hermes, a rival French luxury goods brand, also dropped 1.2 percent.
In the third quarter, China’s economy developed at its weakest pace in a year, hampered by power shortages, supply bottlenecks, and rare COVID-19 outbreaks.
Story by : Norvisi Mawunyegah