European luxury stocks slide tracking HK peers

Emperor Watch & Jewellery

20/09/2021 10:12

** European luxury stocks slip between 2% and 4% on Monday,
tracking their peers in Hong Kong
    ** Shares in Hong Kong-listed luxury stocks Prada  1913.HK ,
Luk Fook  0590.HK , Chow Tai  1929.HK  and Emperor Watch &
Jewellery   0887.HK  fell 3.1-4.7% as woes from property
developer China Evergrande Group  3333.HK  spilled over to other
sectors  urn:newsml:reuters.com:*:nL1N2QM05X
    ** "Luxury also hit – Chinese investors are seeing
portfolios hammered, which means less for fur coats,"  says Neil
Wilson at Markets.com
    ** Monday's fall adds to the 7% drop luxury names saw last
week, dragged by increased nervousness around China news flow,
with weak retail sales data, COVID-19 outbreaks, increased Macau
regulation and concerns on current trading, JP Morgan wrote in a
note
    ** Richemont  CFR.S , Swatch  UHR.S , Hermes  HRMS.PA ,
Burberry  BRBY.L , LVMH  LVMH.PA , Tod's  TOD.MI , Kering
 PRTP.PA  all down 2-4%

 ((anna.pruchnicka@tr.com))