Around £43 billion has wiped out the value of Europe’s biggest luxury fashion houses so far this year

Economy
By Liam

By city and financial reporter

Updated:

So far this year, around £43bn of value has been wiped from Europe’s biggest luxury houses.

The sector is facing a slowdown in demand from wealthy American and Chinese consumers.

Of the five top luxury giants, including LVMH, Hermes, Kering, Moncler and Richemont, only the latter has not lost ground since the end of 2023.

Tie-up: Actress Jessica Chastain models for Gucci

The companies have since lost just under €50 billion (or £42.7 billion) in market value, according to analysts Hargreaves Lansdown.

Louis Vuitton owner LVMH has suffered its steepest decline, losing £30.3 billion since 2023.

Kering, whose brands include Gucci (modeled by actress Jessica Chastain), lost £4.8 billion.

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