Andrea Felsted, Columnist

Banking Crises Are a Bad Look for Louis Vuitton and Gucci

Luxury does well when shoppers feel happy and wealthy. Drama surrounding SVB and Credit Suisse may spoil their mood.

March 21, 2023 at 5:00 AM UTC

Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times.

The end of opulence?
Photographer: MIGUEL MEDINA/AFP

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When a butterfly flaps its wings on a Gucci bag in San Francisco, shoppers in Shanghai feel the breeze.

The recent banking drama, starting with Silicon Valley Bank earlier in the month and spreading to Credit Suisse Group AG last week, has roiled markets, sparking fears of further contagion. None of this is good news for the big European luxury companies, led by the world’s largest, LVMH Moet Hennessy Louis Vuitton SE.