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Tight-Fisted Tourists Damp Outlook for Hugo Boss, Tod’s

Spending is down 5 percent in Europe this year, dragged down by a 16 percent drop in France following the November terror attacks in Paris.
Louis Vuitton store in Paris | Source: Shutterstock
By
  • Bloomberg

PARIS, France — Tourists generate more than a third of global luxury sales, so a slowdown in spending is bad news for the sector.

Spending is down 5 percent in Europe this year, dragged down by a 16 percent drop in France following the November terror attacks in Paris, according to Global Blue, which handles payment processing for tax-free shopping.

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The deceleration adds to the challenges facing the likes of German fashion label Hugo Boss and Italian shoemaker Tod's, which get more than half their sales from Europe.

By Andrew Roberts; editor: Matthew Boyle.

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