Shares of the company that owns the Balenciaga and Gucci brands plummeted on the stock exchange after analysts gave them a negative rating. In one trading day, Kering lost around $1 billion in market capitalization, writes Bloomberg.
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Kering shares on the Paris Stock Exchange fell by 4.4% to 226 euros during trading on Monday, September 9, which was their biggest daily drop in the past month and a half. At the end of the trading session, the drop slowed to 2.6%.
The share price drop was preceded by an analytical report from Barclays Bank, which gave a negative assessment of Kering shares. Only 6 out of 32 financial analysts surveyed by Bloomberg recommend buying Kering shares; the majority of experts recommend holding the stock.
Barclays analysts noted that the Gucci brand was hit harder than others by the drop in demand from shoppers in China. Under the current economic conditions, Chinese consumers are focusing on more exclusive brands, the experts stressed.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
