China virus scare sends shudder through European luxury goods sector
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MILAN (Reuters) - European luxury stocks slumped across the board on Tuesday on fears that the coronavirus virus outbreak in China could hurt sales of high-end brands that had managed to weather months of protests in Hong Kong.Chinese shoppers account for 35% of global luxury goods sales and 90% of last year's growth in the market, according to consultancy Bain & Company, which produces closely followed forecasts for the sector.Such statistics illustrate the damage that could be done to luxury..