News dalla rete ITA

12 Ottobre 2018

Hong Kong

PRADA SHARES SLAMMED 10.5 PER CENT LOWER IN HONG KONG

Shares of luxury brand Prada Spa tumbled on Thursday following steep declines in peers around the world, prompted by worries over China’s crackdown on overseas shopping agents and gloomy consumer sentiment. Prada’s shares in Hong Kong plummeted 10.5 per cent to close at HK$30.30, after luxury giants LVMH and Kering S.A. plunged 7.1 per cent and 9.6 per cent respectively in Paris on Wednesday.  The slump came after LVMH, the owner of Louis Vuitton, released its operating results for the third quarter, which revealed revenue rose 10 per cent to 11.4 billion euros (US$13 billion) from a year earlier, beating analysts expectations of 11.3 billion euros, according to a poll by Bloomberg. The shares also appear to be pressured by comments by LVMH  during the post-results press conference, where they said China appeared to be tightening its enforcement of import laws. Unconfirmed reports had been circulating for more than a week about a crackdown by authorities on undeclared high-end goods at airports in Beijing and Shanghai. Slower spending during the week-long Golden Week holiday, among other data, also added to fears that mainland Chinese consumers are tightening their purse strings. The mainland accounts for nearly a third of the global luxury market by sales, according to McKinsey & Co. China’s luxury spending, which totalled 142 billion yuan (US$22 billion) last year, has proven to be under the sway of government policies. The market shrunk for three years after President Xi Jinping launched an austerity and anticorruption campaign in 2013. (ICE HONG KONG)


Fonte notizia: South China Morning Post