×
195
Fashion Jobs
THE BANYAN HR CONSULTS
Merchandising Manager For a Seamless Garments Textile co at Coimbatore
Permanent · Coimbatore
OPERA CLOTHING PRIVATE LIMITED
Production Manager For Garment Manufacturing Factory
Permanent · Vapi
GOKALDAS EXPORTS LTD
sr. Manager - Technical - Garments Industry Background
Permanent · Bengaluru
NIKE
Lead Technical Product Manager, ed&a – Apla
Permanent · Bengaluru
NIKE
Senior Security Incident Responder – Cis
Permanent · Bengaluru
FAABIIANA
Executive For Online Product & Order Management
Permanent · NEW DELHI
FAABIIANA
Customer Sales Executive (Female)
Permanent · NEW DELHI
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Category Manager/sr. Manager-Institutional Sales - Garments Industry
Permanent · Bhiwandi
NIKE
Senior Technical Program Manager, Sec – Dtpo
Permanent · Bengaluru
NIKE
Senior Technical Product Manager, Inventory & Order – Apla
Permanent · Bengaluru
NIKE
Senior Technical Product Manager, Finance – Apla
Permanent · Bengaluru
NIKE
Senior Technical Product Manager, Core Erp – Apla
Permanent · Bengaluru
OMREELS BIOSCOPE PVT LTD
Senior Executive Ecommerce
Permanent · MUMBAI
NIKE
Senior Technical Program Manager, Marketing Tech – Dtpo
Permanent · Bengaluru
NIKE
Service Delivery Manager, Operations Center – Tech Ops
Permanent · Bengaluru
NIKE
Director, Security Solutions & Delivery – Cis
Permanent · Bengaluru
NIKE
HR Manager - Nike India Technology Centre
Permanent · Bengaluru
NIKE
Financial Controller - India
Permanent · Bengaluru
NIKE
Software Engineering Manager, Finance & Procurement Technology – cf&c
Permanent · Bengaluru
NIKE
Service Delivery Manager, Sap & Omdl (Order Management & Delivery) – Tech Ops
Permanent · Bengaluru
NIKE
Service Delivery Manager, Batch & bi – Tech Ops
Permanent · Bengaluru
NIKE
Service Delivery Manager, HR/Finance & Payroll – Tech Ops
Permanent · Bengaluru
By
Reuters API
Published
Nov 10, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

European luxury stocks slide on China stagflation concerns

By
Reuters API
Published
Nov 10, 2021

European luxury stocks were the top decliners in London, Paris and Milan on Wednesday after data showed China's factory inflation jumped in October, heightening stagflation concerns in the country, a top buyer of high-end products.


DR



Renewed concerns over the impact of a fresh wave of COVID-19 infections in Asia overshadowed better than expected third-quarter results for Ferragamo, putting its shares on course for their biggest daily drop since June 2020, down 6%.

Shares in Kering, Hermes, Moncler, LVMH, and Burberry fell between 2% and 3%, underperforming the broader European market, with the pan European index flat by 1400 GMT.

China's factory gate inflation hit a 26-year high in October, squeezing profit margins for producers and boosting growth concerns in the world's second-largest economy.

Neil Wilson, chief market analyst at Markets.com, said rising inflation coupled with weakening Chinese import figures earlier this week were "suggestive of slower domestic demand" for European luxury brands.

Demand for high-end products in China is the main driver for the sector, accounting for a third of European luxury goods makers' sales in 2019 and 28% in 2020, according to UBS analysts.

The European luxury sector slumped 15% from August to October after China announced plans to redistribute wealth, interrupting a whopping 140% rise from March 2020 to August 2021.

The sector had recovered almost all of its summer loss since October, with analysts saying strong earnings were supporting the shares.

Economic growth in China is set to slow further in the December quarter from one-year lows set in the previous three months.

Analysts said a mix of rising COVID-19 cases in Asia and risks around developer China Evergrande Group's debt crisis could affect growth in China, further limiting earnings momentum for some luxury companies.

Goldman Sachs this week cut its forecasts for global luxury industry sales growth in 2022 by more than 33% to 9% and 2023 estimates by almost 40% to 7% amid global economic growth uncertainty.
 

© Thomson Reuters 2022 All rights reserved.