“China concentration could prove temporarily costly,” ratings agency Moody’s said recently. “There is still a lot of possibility to open because there are markets where we are still not present,” Roberto Eggs, Moncler’s chief marketing and operating officer, said on a conference call.īut for now, any diversification may be too little to make a difference. The company, however, is going ahead with its plan to open stores in Spain and Ukraine. Italian luxury apparel Moncler, which has seen its China sales plunge 80% because of the outbreak, said this month that it’s “decided to postpone some of the investment on the Chinese market,” including relocations and new store openings. The luxury goods sector, for instance, counts on consumers from that country spending domestically or abroad for a third of the industrywide sales, according to Bain & Co. It is also worth watching whether companies take a pause and rethink their heavy reliance on China to stoke demand. Cole Haan, for instance, said in its recent IPO filing that it plans to reduce the percentage of its products made in China. and elsewhere to diversify their sourcing from China, already a key watch point in the wake of the U.S.-China tariff war. It also remains to be seen if the fallout will hasten an attempt by retailers in the U.S. “Coronavirus-related concerns are now weighing meaningfully upon market sentiment,” Oppenheimer retail analyst Brian Nagel said in a note on Thursday. The exposure is even bigger for some companies such as Skechers, which sources 45% of goods from China, according to Kernan’s report. Nike counts on China for 19% of its sales and 25% of its goods, and VF- the parent of North Face, Kipling and Vans-gets 15% of its sales and 20% of its products from that country, Kernan estimated. He cut his profit estimates on companies including Nike, Adidas and Lululemon. analyst John Kernan said in a report Thursday. “Coronavirus disruption will be significant,” Cowen & Co.
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