Share prices of textile-apparel companies in the US, India, Europe and Hong Kong have fallen in double digit percentage during the fortnight from March 2 to March 17. The sharp drop in prices is due to the impact of the current novel coronavirus crisis that has resulted in disruption of supply chain along with a decline in demand as consumers stay indoors.
Shares of global advanced textiles and materials processing company Albany International Corp, listed on Nasdaq, were traded at $67.25 at close on March 2, 2020. The price dropped sharply by 44.62 per cent to $37.24 at close on March 17.
German footwear and apparel company Adidas’ share price decreased 30.75 per cent to $95.20 on March 17 from $137.49 on March 2 on the OTC stock exchange. Indian conglomerate Reliance Industries Ltd also saw its share price falling on the Bombay Stock Exchange (BSE) from ₹1314.85 to ₹1008.9, i.e. a decline of 23.27 per cent during the March 2-17 fortnight.
Share price of Aeffe SpA, an Italy-based company engaged in the fashion and luxury goods sector, dropped 39 per cent during the fortnight from €1.28 to €0.78 on the Milan stock exchange. Brunello Cucinelli, another Italian luxury fashion brand which sells menswear, womenswear and accessories, reported that its share price dropped 13.25 per cent during the period.
Share price of Anta Sports Products Limited, listed on the Hong Kong Stock Exchange, was down 19.28 per cent from HK $64.3 to HK $51.9 during the said fortnight. American clothing and home decor retailer Lands’ End’s share price on Nasdaq declined 21.78 per cent from $9.32 on March 2 to $7.29 on March 17.
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