A model presents a creation by designer Nicolas Ghesquiere as part of his Spring/Summer 2024 Women's ready-to-wear collection show for fashion house Louis Vuitton during Paris Fashion Week in Paris, France, October 2, 2023. REUTERS/Stephanie Lecocq/File photoat Paris Fashion Week, but investors are questioning their taste for the shares in the face of a Chinese slowdown and interest rate uncertainty.
Although luxury's "Big 10" index is still up 20% year on year, the third quarter saw its worst quarterly performance on record relative to the STOXX 600 Just how bad things look may become clearer in the coming weeks as several of the largest European luxury groups release quarterly sales, starting with LVMHAlthough luxury valuations have come down, they are still well above the rest of the market.
Credit card data from the United States showed luxury fashion spending was down 16% year-on-year in July and August. Gilles Guibout, head of European equity strategies at AXA Investment Mangers, was cautious earlier in the year due to sky-high valuations, but is now showing interest.
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