Luxury brands lose $350 billion in market value amid demand slump

The shares of major fashion brands have lost $350 billion in market capitalization over the year due to a sharp decline in demand, Reuters reports. The ten largest European companies are affected, including LVMH (brands Louis Vuitton, Givenchy, Celine), Hermes, Kering (brands Gucci, Saint Laurent, Balenciaga), and others. Compared to 2024 levels, the entire sector has lost nearly half of its market value. The only company bucking the trend is Swiss Richemont (brand Cartier).