Middle East crisis wipes £150bn off the value of Europe’s biggest luxury houses
Around £150billion has been wiped off the value of Europe’s biggest luxury houses since the outbreak of war in the Middle East, analysis has revealed.
The conflict has hit spending on high-end clothes and shoes just as the industry was starting to see signs of a recovery in consumer demand.
Shares in LVMH, Hermes, Kering, EssilorLuxottica and Richemont have tumbled since the conflict began, to the tune of £150billion in market value, analysts at broker Hargreaves Lansdown said.
The biggest loser was Hermes, which has lost nearly a quarter of its value – around £57billion – since late February.
Travel restrictions mean that wealthy tourists have not been splashing out in the conflict-hit region or in Europe.
Fashion victims: Shares in the five luxury giants LVMH, Hermes, Kering, Moncler and Richemont, have tumbled since the Iran war began
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