LONDON – Europe’s major markets edged down in late morning trading on Monday, with the exception of the FTSE 100 in London, which was up 0.1 percent to 7,438.97.
The FTSE MIB in Milan led the decline, falling 0.6 percent to 22,426.55, followed by the CAC 40 in Paris, 0.4 percent to 5,360.97, and the DAX in Frankfurt, 0.3 percent to 13,084.13.
The euro traded at $1.17, while the pound fetched $1.32 and the Swiss franc equaled $1.00 at 12:30 p.m. CET.
Retail and luxury stocks were mostly down, including Zalando, 1.6 percent to 39.57 euros; Yoox Net-a-porter.com, 1.5 percent to 28.62 euros; Aeffe, 2.1 percent to 2.29 euros; Geox, 3 percent to 2.84 euros; Safilo Group, 2.6 percent to 4.60 euros, and Koovs.com, 2.1 percent to 0.26 pounds.
Burberry shares narrowed last week’s losses although the stock remained in the doldrums, falling 0.9 percent to 17.31 pounds after chief executive officer Marco Gobbetti laid out his vision for the company during an investor meeting last Thursday.
While his five-year plan, which entails flat revenues and operating profits for the first two years, rattled the share price – the stock was down as much as 12 percent on the London Stock Exchange after Gobbetti’s presentation – it clearly spoke to one big-name investor.
On Friday, GBL Energy Sàrl, the investment fund controlled by the Belgian billionaire Albert Frère and the Desmarais family trust, upped its stake in the British brand to 6.01 percent from 4 percent.
It was the second time this year that GBL has raised its stake in Burberry after making its initial investment in March. As reported, GBL has also taken a stake in Adidas and backs the mid-market private equity firm Ergon Capital Partners, a former owner of Italy’s Golden Goose Deluxe Brand.
Among the few stocks that gained ground were Gemfields, 2 percent to 0.32 pounds, and Tod’s, 1.1 percent to 55 euros.