Luxury Stocks LVMH, Tiffany, Michael Kors Dive On China Slowdown, Crackdown [Investor's Business Daily]
TIFFANY (TIF)
Last tiffany earnings: 3/20 06:40 am
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Source: Investors Business Daily
Related news Amid concerns of slowing demand from Chinese consumers and a government crackdown in China on luxury goods, shares of several luxury retail stocks are getting slammed Wednesday, including LVMH ( LVMUY ), Tiffany ( TIF ), Michael Kors ( KORS ) and Tapestry ( TPR ). LVMH — parent of Louis Vuitton, Christian Dior, Sephora and other brands — is down 7.8% after disclosing a deceleration in revenue growth late Tuesday. (The stock trades on the Euronext Paris under the ticker LVMH and on U.S. over-the-counter markets as LVMUY.) Organic sales rose 10% during LVMH's third quarter, down from 11% and 13% in the previous quarters, according to the Wall Street Journal . And Bloomberg said that on the LVMH call, management essentially confirmed worries that customs officials in China are being strict in border checks of Chinese citizens returning home from abroad. The duty-free import limit is on goods worth up to 5,000 yuan, or approximately $722, according to the outlet. That follows
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