Fashion stocks pressured by comments from the CEO of Valentino and Balmain📉

The fashion companies sector is with one of the worst performing sectors of the economy during Monday's trading session. The reason for such large declines today is mainly due to weak sentiment in China and comments by Rachid Mochamed Rachid, chairman of the Mayhoola Group, which manages the Valentino and Balmain brands, among others. According to him, the size of the fashion market will grow by less than 10% in 2023 (much less than expected), and demand for such products in the US has fallen significantly. Another important risk factor is the weak recovery of demand in China. Moreover, Rachid added, Mayhoola will become a shareholder in the Kering Group (KER.FR) in the long term.

Negative sentiment is also reinforced by Bank of America Merrill Lynch, whose analysts have issued multiple "sell" recommendations on fashion companies. Kering's shares have been downgraded to a sell rating, with a target price set at €430, which, against other analysts and their ratings, locates the target price at the lower end of the deviation range of these ratings.

Source: xStation 5

Kering (KER.FR) shares are breaking out to new one-year lows. Source: xStation 5

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