Why Shares of These Upscale Fashion Brands Are Down Sharply Today
Shares of upscale fashion companies Capri Holdings (NYSE: CPRI), Ralph Lauren (NYSE: RL), and Coach parent Tapestry (NYSE: TPR) were all down sharply on Monday, on growing fears about retail traffic as authorities move to counter the growing virus pandemic.
As of 2:45 p.m. EDT on Monday, shares of Capri Holdings, Ralph Lauren, and Tapestry were down about 28.7%, 18%, and 24.5%, respectively, from Friday's closing prices.
The story with all three stocks is a simple one: Retail store traffic in the U.S. and Europe has fallen sharply and may fall further as authorities increase measures to stop the spread of COVID-19, the illness caused by the novel coronavirus.
Source Fool.com