More optimism for 2013, Top Picks adidas, Groupe SEB, Luxottica

Over the past three months Luxury stocks have recovered.

News published on January Wednesday 16, 2013
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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.

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