China is suffering... long live the Chinese (full report released today)Luxury Goods: Sector View
China is suffering... long live the Chinese (full report released today)
Recent events in China and uncertainty in emerging markets have prompted us to notch down our forecasts for 2016, but not those for 2015. In addition, business with Chinese customers should remain robust! Similarly, we still favour LVMH (FV: EUR182), Hermès Intl (FV: EUR350) and Richemont (FV: CHF95). We have upgraded Salvatore Ferragamo to Buy (FV: EUR29).
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