By Kit Rees and Michael Msika, Bloomberg markets live reporters and strategists
Slowing sales growth and despondent Chinese consumers have eroded confidence that the luxury sector will recover after a $240 billion rout.
Once seen as Europe’s answer to the US “Magnificent Seven” tech megacaps, shares in companies that produce high-end clothing, handbags and jewelry are languishing. Investors are losing patience for Chinese shoppers to start traveling and shopping again. In a flat market since mid-March, all major luxury stocks have plunged from 19% to 52%.
