Xi Jinping’s announcements send luxury stocks tumbling

Will the display of luxury brands become taboo among Chinese wealthiest class? Since August 17, the stock prices of LVMH, Kering and Richemont remain at half-mast.

This follows announcements aimed at better redistributing wealth, developing the middle class and limiting the “unreasonable income” of the richest class. Beijing is now giving priority to “common prosperity for all”, which suggests possible measures to redistribute wealth, such as higher tax on luxury goods or higher tax