Global trends, especially in Asia and Europe, are other drivers.
The biggest macro problems luxury goods makers face is slack tourism to the United States from countries that are going through economic problems of their own, Amobi said. For many luxury companies, problems in Brazil and wariness about China now weigh more heavily in investors minds than the prospect of a tax bill that the Tax Policy Center says could boost the after-tax income of the top 1 percent of highest-earning Americans by 14 percent.
Brazilian tourists, and to some extent Chinese visitors, are cutting back on the suitcase-lugging trips to New York-area flagship stores and malls that are a familiar sight in and around Manhattan. This slowdown was backed up by Michael Kors CEO John Idol on the company's third-quarter earnings call.
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"Our results continued to be impacted by the ongoing decline in mall traffic, the reduction in tourism in certain major cities, and our strategic decision to reduce … inventory in the U.S. wholesale channel," Idol said, announcing a quarter in which Kors topped analyst forecasts but issued guidance for later this year that was lower than expected.
Also, sales outside the United States are actually hampered by the so-called Trump effect, since a rising dollar makes U.S. goods more expensive abroad. "That's only gotten stronger since the election," Amobi said.