Luxury Stock Analysts Warn Tariff Turmoil Will Hit Client Wealth

It’s not tariffs that luxury-goods makers need to worry about, but the hit to client wealth from the ensuing stock market carnage, analysts warn.

Deutsche Bank AG analyst Adam Cochrane sees the turmoil pushing out a recovery for a sector which had already been grappling with slower demand from key market China. He downgraded top-performer Richemont to hold, as well as Gucci-owner Kering SA. Shares in both fell around 3% on Wednesday.

“Looking into 2025 we were more bullish than most investors with regards the scale and speed of recovery in luxury demand. We were right for about 3 months,” ...