First-ever speedcubing competition in P.E.I. draws large crowd | SaltWire #rubikscube #charlottetownPARIS - Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand and comparisons with last year when the lifting of COVID curbs in mainland China boosted sales.
"We've got a lasting crisis and we don't know where things are heading," said Olivier Abtan, consultant with AlixPartners. Kering's problems in China are part of the reason why its valuation is lagging that of rivals. Its present 12 month forward price-to-earnings ratio of 16 compares with 24 for LVMH and 51 for Hermes, according to LSEG data.
Faced with rising cost of living, shoppers have become more selective about high end merchandise, widening the gap between stronger performers, including top labels such as Louis Vuitton, Chanel and Hermes, and brands like Burberry, which is undergoing an overhaul.
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