Keisha Grey





Burberry and LVMH show slowdown in sales growth

Wednesday, 16 October 2013

Burberry became the sharpest faller on the FTSE Tuesday, after

the quintessentially British group announced that Chief Creative Officer Christopher Bailey would replace long-standing Chief Executive Angela Ahrendts, who has been poached by Apple.
According to Burberry, Ahrendts would step down by mid-2014, after which Bailey would be appointed to the dual role. The stock closed down by 7.6 percent in London.
Still in the UK, inflation remained at 2.7 percent in September, according to the Office for National Statistics, contradicting for good market’s forecasts for a lower 2.6 percent.
In Madrid, Inditex reported Tuesday a new peak after its shares added 0.79 percent, closing at 114.9 euros. The group founded by Amancio Ortega currently has a market capitalisation of 71.621 million euros and is the second Spanish listed company by value, only behind Grupo Santander.
Analysts following the value recalled that the previous high for Inditex was reached on Friday October 11, when the group that owns Zara brand closed the trading session at 114.55 euros, after months of ups and downs in the level of 100 euros.
Closing the corporate news, LVMH, the world' biggest luxury group, posted an unexpected slowdown in sales growth at its fashion and leather business, which includes the Louis Vuitton, Céline and Dior brands.
Meanwhile, the European FTSEurofirst 300 Index ended the session slightly higher, as well as the French CAC 40 (+0.8 percent) and German DAX, which added 1 percent by the market close.





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