Luxury stocks lose $30 billion in one day, demand fears hurts luxury firms' stock
Edited By WION Video Desk
Published: May 24, 2023, 07:05 IST | Updated: May 24, 2023, 07:05 IST
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More than 30 billion dollars was erased from the luxury goods sector in just one day and that puts a damper on the blazing gain in the industry this year driven by overseas demand especially from China. According to Bloomberg, Hermes International had its shares 5.5 percent, while Loius Vuitton declined by 4% and Gucci Kering SA dropped over 2%.
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