Luxury stocks slump as Middle East conflict risks one of the sector's ‘few bright spots' [CNBC]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: CNBC
If the war carries on for another six months, during which oil is significantly disrupted, “then this is very bad news,” Bernstein analyst Luca Solca told CNBC. In this article New York City. Adam Gray | Reuters Luxury stocks were among the hardest hit sectors early Tuesday, with European markets heading for another day of losses as the conflict in the Middle East intensified overnight. Shares of conglomerate LVMH , Gucci-owner Kering , and British outerwear maker Burberry were among the worst performers, with week-to-date losses approaching 10% each. The wider European blue-chip index, Stoxx 600 , was down nearly 3% Tuesday, after falling 1.6% on Monday. The Middle East has been a driver of growth in the sector, which is battling a difficult macroeconomic backdrop, and many formerly best-selling brands are struggling to resonate with consumers. The region's strength, however, hasn't been enough to offset weakness elsewhere, notably in China , and industry giants like L
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