Do weaker gross sales of $500 sneakers within the U.S. sign a shift in trend or a worrying financial pattern?
On Friday, two massive European luxurious corporations reported their newest quarterly outcomes. British raincoat maker Burberry stated comparable gross sales elevated by 1% over the 13 weeks to July 2 from a 12 months earlier. Richemont which owns Cartier and watchmaker Vacheron Constantin, grew gross sales by 12% for the three months by June due to continued sturdy demand for costly watches and jewellery. Whereas each corporations did higher than anticipated, their shares each dropped round 3% in European buying and selling.