A global selloff pushed fashion stocks lower Monday as investors reacted strongly to fresh outbreaks in Italy and South Korea.
The Dow Jones Industrial Average opened the U.S. trading day with a sharp decline, dropping 2.8 percent, or 813.11 points, to 28,179.30.
Among those hardest hit were Farfetch, down 10.2 percent to $11.03; Tapestry Inc, 7.8 percent to $25.82; Fossil Group Inc., 7.2 percent to $5.57; Ralph Lauren Corp., 6.9 percent to $109.36; Revolve Group, 5.9 percent to $19.75; Lululemon Athletica Inc., 5.6 percent to $241.63; Capri Holdings, 5.1 percent to $26.25, and PVH Corp. 5 percent to $80.48.
Until now, investors have largely taken a wait-and-see approach to the coronavirus, trying to gauge the potential impact — to both retail sales and supply chains — and hoping that the troubles pass.
But now, with the virus spreading, the market is reorientating to a potentially worse and longer lasting fallout.
Analysts at stock research firm Cowen said outbreaks in Italy (with 150 new cases over the weekend) as well as South Korea and Iran suggest the coronavirus has become a global pandemic, although the World Health Organization has not officially applied that label.
“It has been four-and-a-half weeks since the Hubei quarantine began and three-and-a-half weeks