Shares of high-luxury producers Hermes (RMS.FR) loses as much as 7% today, after Bloomberg reported that slowing demand in China pressured LVMH-owned Tiffany to scale back its 'flagship' luxury store in Shanghai. We can see that so called high-luxury stocks are pressured today, with Paris-based Hermes leading the declines.
Brunello Cucinelli, and LVMH (MR.FR) are following the downward move, however Kering, Hugo Boss and Moncler are less volatile today. Investor hoped that demand for high-end luxury goods will be stable and not fragile to macro concerns and weaker consumer demand. Investors fear that this thesis may be tested. Stifel analysts lowered business perspectives for Richemont. Even Ferrari (RACE.IT) loses 2% today, despite not any significant news.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appHermes (RMS.FR), D1 interval
Hermes share price erased almost all year-to-date gains, dropping below the 71.6 Fibonacci support zone at 1971 EUR per share. The test of 1840 EUR level may not be excluded in a near term.
Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
