More optimism for 2013, Top Picks adidas, Groupe SEB, Luxottica
Over the past three months Luxury stocks have recovered.
Over the past three months Luxury stocks have recovered.Our luxury sample has gained 12% in Q4 2012, implying +9% versus Stoxx 600. The main winners have been the watch makers (Richemont:+24% and The Swatch Group: +19%) as they are the most exposed to Greater China, followed by LVMH (+15%). The worst European luxury stock performers have been Mulberry (-2%) and Ferragamo (stable). Even, on last month, our luxury sample has gained 6.5% (+4% vs the Stoxx 600), again Richemont and Swatch were among the best performers.