Apparel & fashion stocks lose shine in fortnight

18 Mar '20

2 min read

Pic: Shutterstock

Stocks of global apparel and fashion brands fell in double-digit percentage during the fortnight from March 2 to March 17, 2020. As several brands announce temporary closure of their stores across the US and Europe due to the ongoing coronavirus scare, the current outlook seems pessimistic. Both business and job losses cannot be ruled out.

Share price of American luxury department store chain Nordstrom dived 45.61 per cent from $34.42 at close on March 2 to $18.72 at close on March 17 on the New York Stock Exchange (NYSE). Likewise, stock price of French luxury goods company LVMH on Euronext Paris (EPA) decreased 17.24 per cent to €376.10 on March 17 from €311.25 on March 2.

Japanese clothing company Fast Retailing witnessed its share price drop 19.32 per cent during the fortnight ending March 17 to JPY 43,780. Stock price of Esprit Holdings too declined 29.32 per cent on the Hong Kong Stock Exchange to HK $0.94 during the fortnight under discussion.

Swedish multinational clothing-retailer H&M's share price fell from SEK 174.60 on March 2 to SEK 119.74 on March 17, registering a decline of 31.42 per cent. Spanish company Inditex's share price dropped 24.54 per cent to €21.06 on the BME (Bolsas y Mercados Españoles) during the fortnight.

American multinational corporation Nike too felt the burnt of falling stock prices and its share price fell 24.64 per cent to close at $69.84 on NYSE on March 17. Share price of another American apparel and footwear company VF Corp dropped 18.71 per cent during the fortnight to $60.68 on NYSE.

French multinational luxury goods company Kering saw its share price fall 22.5 per cent to €391.05 during the fortnight on EPA.

Click here to see price comparison in tabular form

Fibre2Fashion News Desk (RKS)

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