Luxury goods giants have lost nearly £75billion since Donald Trump unleashed his tariffs.
Since ‘Liberation Day’ in April, their shares have plunged due to concerns that levies will cast black clouds over the industry.
Ten big names, including LVMH, Hermes and Estee Lauder, have shed £73.87billion since Trump’s announcement, according to analysis by trading platforms AJ Bell and Hargreaves Lansdown.
Italian fashion group Prada, modelled by Emma Watson, has lost more than a quarter of its value. LVMH shares have sunk 17 per cent.
Troubled times: Italian fashion group Prada, modelled by Emma Watson, has lost more than a quarter of its value
The sector has also been hit by a downturn from Chinese and American consumers. Uncertainties amid a trade war have only exacerbated this hesitancy to spend.
Susannah Streeter, analyst at Hargreaves Lansdown, said: ‘Although fears of super-steep tariffs have been allayed by the recent deal, 15 per cent duties on [EU] exports will still be painful.’
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