French luxury goods groups’ shares hit by weak Chinese data
Shares in French luxury goods companies LVMH (LVMH.PA) and Kering (PRTP.PA) fell on Monday after weak economic numbers from China, a leading market for many of the world’s top fashion companies.
Kering (PRTP.PA) was down 1.7 percent in early trading while LVMH (LVMH.PA) retreated by 1.3 percent. Rival French luxury goods company Hermes (HRMS.PA) also fell 1.2 percent.
China’s economy grew at the slowest pace in a year in the third quarter, hurt by power shortages, supply bottlenecks and sporadic COVID-19 outbreaks.