Paris | Top European luxury groups have shed about €250 billion ($398 billion) of market value this year as spending by Chinese consumers wilts and AI-driven sharemarket wobbles depress demand for high-end shoes and handbags.
Results from LVMH, Hermes and Gucci owner Kering this month all missed market expectations that had already been cut significantly, confirming fears that the luxury industry remains in the grip of a multiyear downturn.
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