It seems even the fashion industry is being affected after the earthquake and tsunami hit Japan.
Stock has already fallen for Coach, Tiffany and Polo Ralph Lauren with Tiffany falling 4.9% while Coach when down 5.6%.
Turns out Japan consumes about 11% of the world’s luxury goods and that’s going to be a big hit for the major retailers.
In fact, Tiffany has 55 stores in Japan which make up 19% of its revenue, while Coach gets 20% of its total sales from Japan.
An asset manager reveals:
“A more negative for the luxury-goods companies would be if the nuclear accident burdened the general global mood,” Swiss asset manager Sarasin said in a note.
So sad.