Luxury retailers have lost billions in value as a result of coronavirus-outbreak fears. Many aren't sure what the full impact will be.
the Lunar New Year to end on February 3 to keep businesses closed for longer because of the outbreak. When stocks reopened on February 3, the Shanghai Composite Index fell 7.7%, and the Shenzhen Component Index fell nearly 8.5%. It was the worst day for Chinese stocks since Black Monday in August 2015. Nearly $445 billion in market value was wiped out.Luxury retailers reported mass store closings and millions in revenue shortfalls as a result of the disruption.
The last time China faced such a major outbreak was in 2003 with SARS, but spending from Chinese nationals accounted for only 2% of the global luxury-goods market at that point.
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