Luxury retailers have lost billions in value as a result of coronavirus-outbreak fears. Many aren't sure what the full impact will be.
the Lunar New Year to end on February 3 to keep businesses closed for longer because of the outbreak. When stocks reopened on February 3, the Shanghai Composite Index fell 7.7%, and the Shenzhen Component Index fell nearly 8.5%. It was the worst day for Chinese stocks since Black Monday in August 2015. Nearly $445 billion in market value was wiped out.Luxury retailers reported mass store closings and millions in revenue shortfalls as a result of the disruption.
The last time China faced such a major outbreak was in 2003 with SARS, but spending from Chinese nationals accounted for only 2% of the global luxury-goods market at that point.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Amazon Will Be a Pale Imitator of Alibaba’s Luxury LookAmazon is getting into the luxury goods industry. WSJheard explains why the company may have a hard time getting important brands to sign up. WSJWhatsNow
Les mer »
How Luxury Brands Are Responding to CoronavirusGiven how much luxury brands rely on Chinese shoppers to pad their quarterly earnings, it's no surprise that executives and investors are worried.
Les mer »
Singapore sets aside $4 billion to help businesses and households amid coronavirus outbreakSingapore's finance minister, Heng Swee Keat, delivered his annual budget speech on Tuesday.
Les mer »
Walmart breaks down how the coronavirus has hit its $10 billion business in China - Business Insider'Our primary focus is of course on our associates and our customers,' Walmart CEO Doug McMillon told investors.
Les mer »
Fund managers' growth expectations falter amid coronavirus headlines - Business InsiderFund managers slashed their expectations for global growth in February for the first time in months. A familiar culprit is to blame: coronavirus.
Les mer »
Their market shut, traders in China's Silicon Valley do business from bagsWhile coronavirus fears curtail much of China’s bustle, traders in the country's Silicon Valley are getting back to business, buying and selling from bags and suitcases on the streets outside their shut premises by DavidKirton_
Les mer »