Fashion
Fashion giants lose $ 29.5 billion in purses due to coronavirus
Fast fashion spreads the affliction on coronaviruses, at least on the stock market. Since December 31, the date on which the World Health Organization (WHO) was alerted by the Chinese authorities of the appearance of a series of cases of pneumonia of unknown origin in Wuhan City, the four global fashion retail giants, Inditex, H&M, Fast Retailing and Gap, lost $ 29.5 billion of their market capitalization.
The crisis, officially known as Covid-19, had a complete impact on international markets and fashion has not freed itself from the impact of the virus on investor confidence. In addition to the fast fashion giants, the global giants in fields such as luxury and sports fashion have also entered the stock markets since December 31.
In luxury, LVMH, Kering and Richemont, the world's three largest multinationals in this industry, have jointly lost $ 47 billion in market capitalization, while Nike and Adidas, world leaders in fashion and sports equipment, left $ 56.9 billion.
LVMH, Kering and Richemont have jointly lost $ 47 billion in market capitalization
None of these nine companies has escaped the unfavorable cycle of international markets, which has increased in recent weeks after the first cases of contamination and soaring deaths in many countries. In any event, the declines are in line with those suffered by all stock markets and selective benchmarks like the American Dow Jones which, since December 31, has lost 11% of its value.
Among the international giants of fast fashion, the biggest drop since December 31 was that of Gap, whose stocks devalued by 18.95%. Japanese Fast Retailing comes second, with a strong presence in China; it decreased by 17.78%. Inditex and H&M, for their part, underwent adjustments of 10.6% and 9%, respectively.
In luxury goods, the largest of the three business groups, French LVMH, was the least affected by the crisis of confidence on the coronavirus, with a market devaluation of 10.5%. In the case of Kering, it fell 13.6%, and Richemont, 14%.
On the other hand, among the great champions of sports fashion Adidas was the most hit on the stock market with an adjustment of 13.5%meanwhile, Nike's stocks were down 11.8%.
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