Luxury stocks rise as China re-opens
What: China’s announcement on Monday that it would re-open its borders to visitors and drop quarantine requirements was good news for luxury stocks.
Why it is important: Luxury brands rely heavily on Chinese shoppers, and the lifting of the previously mandatory quarantine for incoming passengers will be China’s first full opening which has already led to a 2.7% increase for LVMH and a 4% rise for Richemont shares.
Despite the lifting of restrictions, China has seen a surge in infections in recent weeks, with some reporting estimates of 250 million cases.
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