European luxury stocks drop after Trump recommends 50% tariff on EU goods

Salvatore Ferragamo

23/05/2025 13:57

** Shares in several European luxury stocks fall 2-5% after U.S. President Donald Trump said he is recommending a straight 50% tariff on goods from the EU starting on June 1

** By 1255 GMT, France's Hermes HRMS.PA falls 4.4%, Richemont CFR.S, LVMH LVMH.PA, Kering PRTP.PA and Christian Dior DIOR.PA fall between 3.5% and 4% and L'Oreal OREP.PA slides 2.3%

** Italy's Brunello Cucinelli BCU.MI drops 4.5%, Salvatore Ferragamo SFER.MI falls 3.3%

** Switzerland's Swatch UHR.S falls 5.7% while Germany's Hugo Boss BOSSn.DE is down 1.6%

** British luxury brand Burberry BRBY.L, most of whose suppliers are in Italy, is down 2.5%

 (Reporting by Alessandro Parodi)

 ((Alessandro.Parodi@thomsonreuters.com;))