European luxury stocks slump amid scare over China's coronavirus outbreak

Topics Viruses | China | Europe


European luxury stocks slumped across the board on Tuesday on fears that the coronavirus virus outbreak in China could hurt sales of high-end brands that had managed to weather months of protests in Hong Kong.

Chinese shoppers account for 35% of global luxury goods sales and 90% of last year's growth in the market, according to consultancy Bain & Company, which produces closely followed forecasts for the sector. Such statistics illustrate the damage that could be done to luxury goods companies if health fears deter Chinese consumers.....

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