While the S&P 500 hit a record high at the close of this week, luxury stocks continued to take a beating over the past five with almost the entire sector in the red. Year-to-date returns for LVMH and Kering exceed 10 percent while Hugo Boss is down close to 15 percent. Among the major multi-brand companies, only Richemont stands out, so far, after reporting strong earnings this week with the stock up about 50 basis points year-to-date. Next week we will see how LVMH fared as full year 2023 earnings will be reported on January 25.
Apart from Richemont, luxury stocks continued to take a beating this week
