Monsha’at: Biban24 fuels regional SME growth and development 2

Other names in the luxury sector also saw their shares plunge, as news on Beijing’s stimulus package to boost the economy failed to convince investors. Rivals including Louis Vuitton owner LVMH and Birkin bag maker Hermes were down more than 3%. Shares in Gucci owner Kering, Swatch Group and Burberry Group tumbled more than 6%.The resilience of the Cartier and Van Cleef & Arpels was remarkable in a tough context, but pressures on the specialist watchmakers unit and higher costs led to a worse-than-expected performance, analysts at Jefferies said in a note.