Luxury goods companies have managed to pass on higher costs to affluent shoppers, but China remains a sore spot as sporadic business and movement restrictions due to Beijing's"dynamic zero-Covid" policy prevent consumers from returning to high-fashion stores.
Mainland China second-quarter revenue fell by"high teens" percentage, and business in the country has worsened over the last month due to a further slowdown in store traffic, Idol added. Kering's Gucci and parka maker Canada Goose have also seen their China sales take a hit in recent months."Affordable" luxury labels such as Michael Kors were likely to feel the pinch of an inflation-induced slowdown in demand before more premium brands such as Versace, said Jessica Ramirez analyst at Jane Hali and Associates.
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