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ANALYSIS: UBS sees luxury goods industry still on the upswing after record sales

Monday, 01/10/2022 12:42 PM from

dpa-AFX

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Louis Vuitton is part of the LVMH group. pixabay.com

ZURICH (dpa-AFX) – The major Swiss bank UBS remains fundamentally optimistic about the European luxury goods companies. Although the sector achieved a record turnover in the previous year, average currency-adjusted growth of a further 12 percent can be expected for 2022, wrote analyst Zuzanna Pusz in an industry study published on Monday.

She justified this with a favorable consumer environment, an increasing desire for brands – and related to this – greater power to set prices. The expert raised her profit forecast (EPS) for the luxury segment in 2022 by an average of 3 percent and raised her price targets for most industry stocks.

However, within the sector, which has recovered widely in 2021, it now advises a selective approach. Pusz continues to prefer defensive stocks like LVMH and EssilorLuxottica and stocks that continue to enjoy strong brand momentum, such as Prada and Richemont . On the other hand, she rates the shares in Hermes and Salvatore Ferragamo less positively than before and has downgraded them.

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