LONDON — Jitters over a new strain of coronavirus spreading through China pushed fashion and luxury shares down at the close of trading Tuesday, although some analysts argued that other factors could be at play.
The virus, which causes respiratory illness and has infected nearly 300 people so far, has spread from Wuhan to Beijing, Shanghai and Shenzhen. Japan, Thailand and South Korea have also reported cases, according to the BBC.
Shares of Burberry dipped 2.5 percent to 22.20 pounds, followed by Moncler, which was down 2.2 percent to 40.43 euros. Prada fell 2 percent to 29.70 Hong Kong dollars, and Kering was down 2.1 percent at 586.60 euros.
Compagnie Financière Richemont shares fell 1.9 percent to 76.76 Swiss francs, followed by L’Oréal, which dipped 1.3 percent to 270.70 euros. LVMH Moët Hennessy Louis Vuitton, whose portfolio ranges from fashion to spirits, sank 1.1 percent to 424.95 euros.
In a research comment published Tuesday, Pierre Tegnér of Oddo BHF said the virus will likely impact spend during Chinese New Year, which starts on Saturday and lasts 15 days.
He pointed out that the New Year celebrations involve travel and relatives visiting each other, which could accelerate the spread of the virus and put a damper
The virus, which causes respiratory illness and has infected nearly 300 people so far, has spread from Wuhan to Beijing, Shanghai and Shenzhen. Japan, Thailand and South Korea have also reported cases, according to the BBC.
Shares of Burberry dipped 2.5 percent to 22.20 pounds, followed by Moncler, which was down 2.2 percent to 40.43 euros. Prada fell 2 percent to 29.70 Hong Kong dollars, and Kering was down 2.1 percent at 586.60 euros.
Compagnie Financière Richemont shares fell 1.9 percent to 76.76 Swiss francs, followed by L’Oréal, which dipped 1.3 percent to 270.70 euros. LVMH Moët Hennessy Louis Vuitton, whose portfolio ranges from fashion to spirits, sank 1.1 percent to 424.95 euros.
In a research comment published Tuesday, Pierre Tegnér of Oddo BHF said the virus will likely impact spend during Chinese New Year, which starts on Saturday and lasts 15 days.
He pointed out that the New Year celebrations involve travel and relatives visiting each other, which could accelerate the spread of the virus and put a damper
Follow WWD on Twitter or become a fan on Facebook.