Middle East conflict spells disaster for luxury goods maker LVMH
Shares in LVMH have had their worst start to a year on record, as the impact of war in the Middle East clouds the global economic outlook and intensifies demand headwinds for luxury goods.
Iran war wipes out $100 billion from luxury stocks
Shares of LVMH and Hermès are down roughly 16% and 20%, respectively, this month, while the S&P 500 has fallen less than 6%. Shares of Ferrari are also down 15%, and the company announced it would temporarily suspend deliveries to the Middle East.