Western brands under pressure as 'pre-owned' luxury booms in China
FROM THE WIRE · FINANCE.YAHOO.COM
Customers are turning to the second-hand market for fashion (Pedro PARDO) With China's economy still struggling to recover from the pandemic, even global fashion icons are beginning to feel the pinch as consumers turn instead to the second-hand market or buy upstart new…
Read at the source ↗MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bearishWeaker Chinese spending on Western luxury can weigh on revenues of major luxury groups.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
- 01Chinese consumers are turning to the second-hand market for fashion.
- 02Louis Vuitton closed five stores in mainland China in the past two years.
- 03Galeries Lafayette shut its Beijing flagship in May.
NEWS IMPACT AND MARKET REACTIONChange since the story · reference
LVMH Moët Hennessy - Louis Vuitton, Société Européenne397.00 EURMarket closedtoday -0.33%Negative Hermès International S.C.A.1,337.50 EURMarket closedtoday -0.07%Negative LVMH Moët Hennessy - Louis Vuitton, Société Européenne88.31 USDMarket closedtoday -0.78%Negative Hermes International Societe en commandite par actions Unsponsored ADR148.83 USDMarket closedtoday -1.09%Negative
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets