Compagnie Financiere Richemont SA
Europe’s luxury giants brace for a turnaround in fortunes amid China pivot
Europe’s beleaguered luxury sector could be set for a turn in fortunes this year, as early indicators point to improved consumer spending and a pivot away from China. Luxury shares shot up in trading last week after Cartier owner Richemont reported its “highest ever” quarterly sales in the three months to December, indicating a rebound […]
Read More
CNBC Daily Open: Apple’s fall overshadows positive bank earnings
An Apple Store in the Jiefangbei commercial district, adorned with a golden apple and snake motif to celebrate the Chinese Year of the Snake, on Jan. 14, 2025 in Chongqing, China. Cheng Xin | Getty Images News | Getty Images This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open […]
Read More
Europe markets open higher; luxury stocks pop on Richemont results, LVMH up 8%
UK economy grew by less-than-expected 0.1% in November; sterling falls U.K. gross domestic product increased by 0.1% in November, according to data published by the Office for National Statistics, below a Reuters forecast for 0.2% economic growth. The British pound extended losses to trade 0.28% down against the U.S. dollar and 0.24% lower against the […]
Read More
Cartier owner Richemont sales rise 10% in December quarter despite ongoing China weakness
Shoppers pass a Cartier luxury store, operated by Cie. Financiere Richemont SA, in the Galeries Lafayette SA luxury department store in Paris, France. Bloomberg | Bloomberg | Getty Images Cartier owner Richemont on Thursday reported a 10% increase in fiscal third-quarter sales even as China demand weighed, in a positive signal for the health of […]
Read More
Personal luxury goods market to shrink for first time since the 2008 financial crash, research finds
The storefronts of Dolce & Gabbana, Tiffany & Co. and Patek Philippe are seen as people enter Icon Siam, a luxury shopping mall located on the Chao Phraya River, on June 12, 2024 in Bangkok, Thailand. Lauren Decicca | Getty Images News | Getty Images The personal luxury goods market looks set to face its […]
Read More
Luxury stocks may be a risky China stimulus bet
Chinese consumers have long powered luxury brands to new highs. But with questions surrounding China’s sluggish economy and changing consumer tastes, analysts aren’t so sure whether these shoppers will be able to coax the luxury sector out of its doldrums. The Chinese government’s new stimulus measures announced late September revived interest in the country’s economic […]
Read More
Luxury stocks slip as fears grow of a prolonged downturn
An advertisement for Hugo Boss AG in Shanghai, China, on Wednesday, May 1, 2024. Bloomberg | Bloomberg | Getty Images LONDON — European luxury stocks tumbled Monday as analysts warned of a deteriorating demand outlook, particularly among high-spending Chinese consumers. Germany’s Hugo Boss was among the worst performers on the Stoxx 600 index by midday, […]
Read More
‘Long-term opportunity’: Morningstar analyst names 2 luxury stocks to buy right now
Amid a broad sell-off in luxury stocks, one Morningstar analyst sees promise in the sector, revealing her top picks. “The luxury sector has been quite richly valued for the last couple of years,” Jelena Sokolova, senior equity analyst at Morningstar, told CNBC Pro. She said that amid the broad sell-off, “opportunities will start to emerge […]
Read More
European markets close slightly lower after snapping nine-day winning streak
Europe stocks close lower European equity markets closed slightly lower on Friday, with the regional Stoxx 600 index down 0.13%. France’s CAC 40 dipped 0.26%, while the U.K.’s FTSE 100 and Germany’s DAX were both lower by roughly 0.2%. Stock Chart IconStock chart icon Stoxx 600 index. More upside risks to U.S. inflation in ‘stark […]
Read More
European stocks near somewhat decrease as Davos attracts to close Uk retail sales drop
European stock markets shut a little decreased Friday, erasing gains via the early morning and former session. The Stoxx 600 index provisionally ended .3% decreased, with big bourses and sectors pointing in reverse directions. Mining stocks led losses, down 1.4%, while engineering shares rose .6%. The Planet Financial Discussion board in Davos, Switzerland arrived to […]
Read More