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China's Coronavirus Scare Impacting European Luxury Goods

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China's Coronavirus Scare Impacting European Luxury Goods

2020-01-22 04:21:301 Oct 2018 01:53 AM EST

European luxury stocks fell on Tuesday over fears that the coronavirus virus outbreak in China could hurt sales. The slump of high-end brands comes after many 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. The numbers illustrate the damage that could be done to luxury goods companies if health fears deter shopping. Reuters reports shares in some of the top luxury players, like LVMH and Burberry, were down by between 1.9% and 3%. Declines had been as much as 4% in early trading, wiping $15 billion off the sector’s market value. The death toll from the coronavirus outbreak rose to six on Tuesday and nearly 300 people were diagnosed.

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