Uzak bir sava\u015f, k\u00fcresel l\u00fcks sat\u0131\u015flar\u0131n\u0131 etkiliyor. Avrupa’n\u0131n \u00f6nde gelen l\u00fcks firmalar\u0131 milyarlarca dolar piyasa de\u011feri kaybetti. \u00d6nemli bir b\u00fcy\u00fcme pazar\u0131 olan Orta Do\u011fu, seyahat aksakl\u0131klar\u0131 ve belirsizlik nedeniyle turist harcamalar\u0131nda azalma ya\u015f\u0131yor. Bu yava\u015flama, Herm\u00e8s, Gucci ve LVMH gibi b\u00fcy\u00fck markalar\u0131 etkiliyor. Jeopolitik riskler devam ettik\u00e7e l\u00fcks sekt\u00f6r\u00fcn\u00fcn toparlanmas\u0131 gecikmelerle kar\u015f\u0131 kar\u015f\u0131ya.<\/p>\n
Binlerce kilometre uzaktaki bir sava\u015f, d\u00fcnyan\u0131n en zengin al\u0131\u015fveri\u015f yapanlar\u0131n\u0131n neyi ve nas\u0131l sat\u0131n ald\u0131\u011f\u0131n\u0131 sessizce yeniden \u015fekillendiriyor.<\/p>\n
Bloomberg verilerine g\u00f6re, Avrupa’n\u0131n halka a\u00e7\u0131k 10 l\u00fcks firmas\u0131 y\u0131lba\u015f\u0131ndan bu yana piyasa de\u011ferinden 176 milyar dolar kaybetti. Sekt\u00f6r, k\u00fcresel seyahat ve s\u0131n\u0131r \u00f6tesi harcamalara b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ba\u011f\u0131ml\u0131 oldu\u011fundan, Orta Do\u011fu’daki \u00e7at\u0131\u015fma, turizmi zedeleyen ve \u00fcst d\u00fczey talebin toparlanmas\u0131n\u0131 geciktiren bu kayb\u0131n ana nedeni olabilir.<\/p>\n
Reuters’a g\u00f6re, bu gerileme, 400 milyar dolarl\u0131k k\u00fcresel l\u00fcks end\u00fcstrisinin son \u00fc\u00e7 y\u0131ld\u0131r zaten yava\u015flayan b\u00fcy\u00fcme ile m\u00fccadele etti\u011fi bir d\u00f6nemde ya\u015fan\u0131yor.<\/p>\n
Ac\u0131 en \u00e7ok zirvede hissediliyor. Avrupa piyasalar\u0131 genel olarak ayakta kalmas\u0131na ra\u011fmen, sadece LVMH yakla\u015f\u0131k 100 milyar dolar de\u011fer kaybetti.<\/p>\n
K\u0131sa vadede, hisse senedi hareketleri gerginli\u011fin tam olarak yat\u0131\u015fmad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Son be\u015f g\u00fcnde, LVMH hisseleri Euronext Paris’te %1,92 y\u00fckselerek b\u00fcy\u00fck kay\u0131plar\u0131n ard\u0131ndan bir miktar istikrar sinyali verdi. Ancak Kering, zay\u0131f marka performans\u0131 nedeniyle %6,61 d\u00fc\u015ferken, Herm\u00e8s %1,45 gerileyerek kazan\u00e7 sonras\u0131 d\u00fc\u015f\u00fc\u015f\u00fcn\u00fc s\u00fcrd\u00fcrd\u00fc.<\/p>\n
Orta Do\u011fu neden her zamankinden daha \u00f6nemli?<\/p>\n
L\u00fcks markalar i\u00e7in Orta Do\u011fu, sadece ba\u015fka bir pazar olmaktan \u00f6te, kritik bir b\u00fcy\u00fcme motoru haline geldi.<\/p>\n
Bernstein l\u00fcks analisti Luca Solca’ya g\u00f6re, b\u00f6lge ge\u00e7en y\u0131l k\u00fcresel \u00e7apta en h\u0131zl\u0131 b\u00fcy\u00fcyen l\u00fcks pazar\u0131yd\u0131 ve \u015fu anda k\u00fcresel sat\u0131\u015flar\u0131n yakla\u015f\u0131k %6’s\u0131n\u0131 olu\u015fturuyor. Daha da \u00f6nemlisi, zengin t\u00fcketicileri sadece kendi \u00fclkelerinde al\u0131\u015fveri\u015f yapmakla kalm\u0131yor, Paris, Milano ve Londra’da da b\u00fcy\u00fck harcamalar yap\u0131yor.<\/p>\n
Bu model \u015fimdi bask\u0131 alt\u0131nda.<\/p>\n
Morgan Stanley’ye g\u00f6re, BAE’deki l\u00fcks harcamalar\u0131n\u0131n yakla\u015f\u0131k %60’\u0131 turistlerden geliyor, bu da b\u00f6lgeyi seyahat aksakl\u0131klar\u0131na kar\u015f\u0131 olduk\u00e7a hassas hale getiriyor. \u00c7at\u0131\u015fman\u0131n yedinci haftas\u0131nda, daha az u\u00e7u\u015f, iptal edilen tatiller ve artan belirsizlik, turist ak\u0131\u015flar\u0131n\u0131 keskin bir \u015fekilde azaltt\u0131 ve piyasalardaki talebi neredeyse an\u0131nda vurdu.<\/p>\n
Sekt\u00f6r\u00fcn en diren\u00e7li oyuncular\u0131ndan Herm\u00e8s’te de\u011fi\u015fim ani oldu. CFO Eric du Halgou\u00ebt, ilk \u00e7eyrek kazan\u00e7 \u00e7a\u011fr\u0131s\u0131nda, “Ocak ve \u015eubat aylar\u0131nda, bu iki ay boyunca \u00e7ok homojen olan harika \u00e7ift haneli b\u00fcy\u00fcme kaydettik. Orta Do\u011fu’da gelirlerin d\u00fc\u015fmeye ba\u015flamas\u0131 sadece Mart ay\u0131nda oldu” dedi.<\/p>\n
Birkin \u00fcreticisi, y\u0131ll\u0131k bazda %5,6 art\u0131\u015fla 4,1 milyar avro \u00e7eyreklik sat\u0131\u015f bildirse de, %7,1’lik beklentileri kar\u015f\u0131layamad\u0131. Orta Do\u011fu’daki sat\u0131\u015flar d\u00fc\u015ft\u00fc ve Herm\u00e8s’in i\u015finin yar\u0131s\u0131ndan fazlas\u0131n\u0131n turizme ba\u011fl\u0131 oldu\u011fu Fransa bile, daha az Orta Do\u011fulu al\u0131\u015fveri\u015f\u00e7inin gelmesiyle bir d\u00fc\u015f\u00fc\u015f ya\u015fad\u0131.<\/p>\n
Toptan sat\u0131\u015f kanallar\u0131, \u00f6zellikle seyahat perakendecili\u011fi ve havaalan\u0131 ma\u011fazalar\u0131nda daha da sert etkilendi. \u015eirket, “Toptan sat\u0131\u015f faaliyetleri, \u00f6zellikle Orta Do\u011fu ve havaalanlar\u0131ndaki imtiyazl\u0131 ma\u011fazalara yap\u0131lan daha d\u00fc\u015f\u00fck sat\u0131\u015flardan \u00f6nemli \u00f6l\u00e7\u00fcde etkilendi” dedi.<\/p>\n
Gucci zorlan\u0131yor, Kering etkileniyor<\/p>\n
Yava\u015flama Kering’de daha belirgin.<\/p>\n
Grup, ilk \u00e7eyrek gelirlerinde %6’l\u0131k bir d\u00fc\u015f\u00fc\u015f bildirdi; amiral gemisi markas\u0131 Gucci’nin sat\u0131\u015flar\u0131 %8 d\u00fc\u015ferek beklenenden daha k\u00f6t\u00fc bir performans sergiledi.<\/p>\n
CFO Armelle Poulou, kazan\u00e7 \u00e7a\u011fr\u0131s\u0131nda, Orta Do\u011fu’da Kering’in perakende sat\u0131\u015flar\u0131n\u0131n %11 d\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc, turist harcamalar\u0131yla desteklenen Bat\u0131 Avrupa’n\u0131n ise Asya ve K\u00f6rfez’den daha az al\u0131\u015fveri\u015f\u00e7inin gelmesiyle %7’lik bir d\u00fc\u015f\u00fc\u015f ya\u015fad\u0131\u011f\u0131n\u0131 s\u00f6yledi.<\/p>\n
LVMH talep \u015fokuna dikkat \u00e7ekiyor<\/p>\n
D\u00fcnyan\u0131n en b\u00fcy\u00fck l\u00fcks grubu LVMH’de etki zaten g\u00f6r\u00fcn\u00fcr durumda ve genellikle sekt\u00f6r i\u00e7in bir g\u00f6sterge olarak kabul ediliyor.<\/p>\n
Temel moda ve deri \u00fcr\u00fcnleri b\u00f6l\u00fcm\u00fc, sat\u0131\u015flarda %2’lik bir d\u00fc\u015f\u00fc\u015f bildirdi; bu, y\u0131l\u0131n en zay\u0131f ba\u015flang\u0131c\u0131yd\u0131. CFO C\u00e9cile Cabanis’e g\u00f6re \u015firket, Orta Do\u011fu \u00e7at\u0131\u015fmas\u0131n\u0131n b\u00fcy\u00fcmeden yakla\u015f\u0131k bir y\u00fczde puan\u0131 kesti\u011fini ve Mart ay\u0131nda baz\u0131 yerlerde talebin %30 ila %70 oran\u0131nda d\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc belirtti.<\/p>\n
Bo\u015f al\u0131\u015fveri\u015f merkezleri, d\u00fc\u015fen ziyaret\u00e7i say\u0131s\u0131<\/p>\n
Sahada, yava\u015flama belirgin ve giderek daha g\u00f6r\u00fcn\u00fcr hale geliyor.<\/p>\n
Reuters’\u0131n bildirdi\u011fine g\u00f6re, \u00e7at\u0131\u015fma sekt\u00f6r\u00fcn en h\u0131zl\u0131 b\u00fcy\u00fcyen pazar\u0131 olan K\u00f6rfez’deki Dubai ve Abu Dabi gibi \u00f6nemli merkezlerde Avrupa’n\u0131n en b\u00fcy\u00fck l\u00fcks markalar\u0131n\u0131n sat\u0131\u015flar\u0131n\u0131 d\u00fc\u015f\u00fcrd\u00fc.<\/p>\n
Mall of the Emirates’te Mart ay\u0131nda sat\u0131\u015flar %30-50 d\u00fc\u015ferken, ziyaret\u00e7i say\u0131s\u0131 %15 azald\u0131. L\u00fcks turistler i\u00e7in bir cazibe merkezi olan Dubai Mall’daki trafi\u011fin yakla\u015f\u0131k %50 d\u00fc\u015ft\u00fc\u011f\u00fc bildirildi, bu da harcamalarda daha keskin bir darbe oldu\u011funu g\u00f6steriyor.<\/p>\n
Abu Dabi gibi nispeten diren\u00e7li pazarlarda bile, Galleria Al Maryah Island’da sat\u0131\u015flar yakla\u015f\u0131k %10 azald\u0131.<\/p>\n
Bu darbe sadece daha az seyahat edenle de\u011fil, artan g\u00fcvenlik endi\u015feleriyle de ba\u011flant\u0131l\u0131. Reuters’\u0131n bildirdi\u011fine g\u00f6re, Dubai’nin havaalan\u0131 merkezi \u0130ran insans\u0131z hava arac\u0131 sald\u0131r\u0131lar\u0131yla defalarca hedef al\u0131n\u0131rken, Burj Al Arab gibi y\u00fcksek profilli simge yap\u0131lar bile engellenen enkazdan k\u00fc\u00e7\u00fck hasarlar bildirmi\u015ftir.<\/p>\n
Toparlanma daha da ertelendi<\/p>\n
Zamanlama daha k\u00f6t\u00fc olamazd\u0131.<\/p>\n
\u0130ki y\u0131ll\u0131k durgun b\u00fcy\u00fcmenin ard\u0131ndan, l\u00fcks markalar \u00c7in’deki toparlanma, g\u00fc\u00e7l\u00fc ABD talebi ve Avrupa’daki istikrarl\u0131 turizmle desteklenen 2026’da bir toparlanmaya g\u00fcveniyorlard\u0131.<\/p>\n
Bu g\u00f6r\u00fcn\u00fcm \u015fimdi sorgulan\u0131yor.<\/p>\n
J Stern & Co’da portf\u00f6y y\u00f6neticisi Christopher Rossbach Reuters’a verdi\u011fi deme\u00e7te, “E\u011fer 2026 i\u00e7in umdu\u011fumuz l\u00fcks toparlanmas\u0131n\u0131n ger\u00e7ekle\u015fmeyece\u011fi ve en iyi ihtimalle ikinci yar\u0131ya veya gelecek y\u0131la ertelenece\u011fi ortaya \u00e7\u0131karsa, kimsenin buna \u015fa\u015f\u0131rmayaca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyorum” dedi.<\/p>\n
UBS analisti Zuzanna Pusz, bir ara\u015ft\u0131rma notunda, jeopolitik belirsizli\u011fin toparlanmay\u0131 geciktirme olas\u0131l\u0131\u011f\u0131yla birlikte piyasa duyarl\u0131l\u0131\u011f\u0131n\u0131n “y\u0131llar\u0131n en k\u00f6t\u00fcs\u00fc” oldu\u011funu yazd\u0131.<\/p>\n
Y\u00fcksek petrol fiyatlar\u0131 ve dalgal\u0131 piyasalar, \u00f6zellikle hevesli al\u0131c\u0131lar aras\u0131nda harcamalar\u0131 olumsuz etkileyebilirken, borsalar dalgaland\u0131k\u00e7a zengin t\u00fcketiciler bile geri \u00e7ekilebilir.<\/p>\n
Her \u015fey kasvetli de\u011fil<\/p>\n
Ancak, direncin erken belirtileri var.<\/p>\n
Baz\u0131 markalar, seyahatler yava\u015flasa bile do\u011frudan \u00fcst d\u00fczey m\u00fc\u015fterilere ula\u015farak veya talebi ba\u015fka co\u011frafyalara kayd\u0131rarak sat\u0131\u015flar\u0131n\u0131 s\u00fcrd\u00fcr\u00fcyor.<\/p>\n
Breitling AG CEO’su Georges Kern, Bloomberg’e yapt\u0131\u011f\u0131 a\u00e7\u0131klamada, saat \u00fcreticisinin iyimserli\u011fini korudu\u011funu ve istikrar geri d\u00f6nd\u00fc\u011f\u00fcnde Orta Do\u011fu’daki turizmin “bir gecede geri d\u00f6nebilece\u011fini” s\u00f6yledi.<\/p>\n
Ancak \u015fimdilik, \u00e7at\u0131\u015fma l\u00fcks i\u015findeki temel bir riski ortaya \u00e7\u0131kard\u0131: hareketlilikle geli\u015fir. Zengin t\u00fcketiciler seyahat etmeyi b\u0131rakt\u0131\u011f\u0131nda, harcamalar\u0131 da durur.<\/p>\n
Ve bu de\u011fi\u015fene kadar, sekt\u00f6r\u00fcn toparlanmas\u0131 beklemede kalabilir.<\/p>\n
#L\u00fcksMarkalar #OrtaDo\u011fuGerilimi #EkonomikEtki #Turizm #LVMH #Gucci #Hermes #PiyasaDe\u011feri #K\u00fcreselEkonomi #L\u00fcksPazar\u0131<\/p>\n","protected":false},"excerpt":{"rendered":"
Uzak bir sava\u015f, k\u00fcresel l\u00fcks sat\u0131\u015flar\u0131n\u0131 etkiliyor. Avrupa’n\u0131n \u00f6nde gelen l\u00fcks firmalar\u0131 milyarlarca dolar piyasa de\u011feri kaybetti. \u00d6nemli bir b\u00fcy\u00fcme pazar\u0131 olan Orta Do\u011fu, seyahat aksakl\u0131klar\u0131 ve belirsizlik nedeniyle turist harcamalar\u0131nda azalma ya\u015f\u0131yor. Bu yava\u015flama, Herm\u00e8s, Gucci ve LVMH gibi b\u00fcy\u00fck markalar\u0131 etkiliyor. Jeopolitik riskler devam ettik\u00e7e l\u00fcks sekt\u00f6r\u00fcn\u00fcn toparlanmas\u0131 gecikmelerle kar\u015f\u0131 kar\u015f\u0131ya. Binlerce kilometre […]<\/p>\n","protected":false},"author":2,"featured_media":1915,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-1914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-orta-dogu-haberleri"],"_links":{"self":[{"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/posts\/1914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1914"}],"version-history":[{"count":0,"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/posts\/1914\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/media\/1915"}],"wp:attachment":[{"href":"https:\/\/fajr.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}