Dropping like gravity12 Oct 2018 00:54
Hi .well stock market jitters aren’t helping, but in the daily mail today a report on the sector read ..
Luxury goods are having a shabby time on the stock market some of Europe’s biggest names in fashion- including Burberry and mulberry-sank after investment bank Morgan Stanley’ released a damning report on the sector.LVMH the heavyweight owner of brands such as Louis Vuitton and Christian Dior,reported stronger than expected sales in its fashion and leather goods divisions late on Tuesday. But a warning from the firm over what it described as an “ uncertain.geopolitical and monetary context’ put investors in flight . LVMH and other renowned fashion houses have increasingly relied on big-spending Chinese consumers to boost their figures . But the trade war between Donald trump and the Chinese has thrown doubt on whether demand in the country will last. Morgan Stanley downgraded the luxury sector to underweight advising investors to decrease the proportion of shares in the luxury fashion companies that they own in their portfolio. Burberry shares slumped 8.1 percent or 152p to £17:28 while handbag maker mulberry fell 5.2pct or 16p to £2.89.5 on the continent, £9 billion was wiped off Titan LVMH as it plummeted 7.1pct , Gucci owners keying and high end skiwear company moncier plunged by 9.6pctand 10.9pct respectively. Hope that sheds some light . Wife bought 2k at £4.32so down a similar amount, good take overprice now if someone wanted a cheap luxury brand name