PRDSY - Prada Gucci Louis Vuitton Brace For Sales Slump As China's Economic Turbulence Hits Luxury Market | Benzinga
The luxury goods industry is preparing for a substantial decline in sales, attributed to China’s subdued demand and challenging comparisons with the sales spike following the COVID-19 pandemic last year.
What Happened: Investors are bracing for a sharp fall in sales as luxury brands reveal their Q1 results. The anticipated decline is linked to weak demand from China, and Reuters reported that compared with last year, when COVID-19 restrictions were lifted in mainland China, a sales surge was resulting.
LVMH Moet Hennessy Louis (OTC:LVMUY), the world’s largest luxury conglomerate, will be the first to announce results on Apr. 16, followed by competitors Kering (OTC:PPRUF), Prada (OTC:PRDSY), and Hermes International (OTC:HESAF) a week later. Burberry Group (OTC:BURBY) and Compagnie Financière Richemont SA (OTC:CFRUY) will report in May.
A surprise warning from Kering last month that Q1 sales would be down by 10% ...