1200 GMT - The luxury industry historically recovers strongly from downcycles, which typically last one to two years, Morningstar analyst Jelena Sokolova says in a note. "While we're currently in the first year of a downcycle, significant opportunities remain," she writes. Chinese demand should be bolstered by pandemic savings and rising high-wage employment once consumer sentiment improves, Sokolova says. Demand trends in the U.S. and Europe should resume moderate growth. The analyst's top picks in the sector remain Richemont and Kering, which she says offer compelling investment opportunities. Shares are up 1.5% and down 0.3%, respectively. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
December 02, 2024 07:00 ET (12:00 GMT)
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