Following a surge in luxury stocks in early 2023 amid hopes of a bounce-bank from the pandemic-era slump, one of Europe’s most lucrative industries may be under pressure once again.
The STOXX Europe Luxury 10 index, which includes the likes of French conglomerate LVMH, Italian automaker Ferrari and British brand Burberry, recorded its biggest quarterly decline since 2020, Reuters reported Monday. In a report with monthly index news for September, STOXX noted that the luxury bundle was the “worst-performing” among thematic gauges, which can range from global health to electric vehicles.
