0915 GMT - Shares in European luxury companies fell after Salvatore Ferragamo said it remains cautious on its short-term expectations due to uncertain demand for luxuries. The Italian luxury fashion firm swung to a net loss in 2024 and noted that the luxury sector faced complex market conditions due to geopolitical tensions and macroeconomic uncertainties, which hurt demand for luxury goods. Industry bellwether LVMH, the owner of the Louis Vuitton and Dior brands, was trading 3% lower. Gucci parent Kering, Burberry, and Cartier owner Richemont were down more than 4%, while shares in Italian rivals Brunello Cucinelli and Moncler dropped around 2%. Shares in Salvatore Ferragamo tumbled more than 14%. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
March 07, 2025 04:16 ET (09:16 GMT)
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