Stocks fell Monday on fears that the Federal Reserve may continue tightening until it steers the economy into a recession. The Dow Jones Industrial Average fell by 545 points, or 1.6%, while the S&P 500 and Nasdaq Composite slid by 2% and nearly 2.1%, respectively. Tesla (NASDAQ:TSLA) shares shed about 6% on reports of an output cut at its Shanghai factory, while Macao-linked casino stocks gained on hopes of easing Covid-19 restrictions. VF Corp (NYSE:VFC) shares slid after cutting its outlook. However, there were some gainers as well including Digital Brands Group Inc (NASDAQ: DBGI) and EHang Holdings Ltd (NASDAQ:EH) that surged more than 30% and 25% respectively.
One small cap that we would like to draw your attention to is Maison Luxe, Inc. (OTC US: MASN). As per yahoo finance (1), Maison Luxe offers luxury retail consumer items. The Company operates as a niche high-end luxury goods retailer, helping interested consumers obtain rare luxury items that may otherwise not be reliably available due to the nature of the luxury retail marketplace. The Company focuses its efforts primarily within the fine timepiece and jewelry segments, both on a wholesale and B2C (business-to-consumer) basis. The Company also owns its Amani Jewelers subsidiary, which operates in the jewelry marketplace, with a strategic focus on the rapidly growing lab-grown diamonds market. In addition, Maison Luxe holds a significant investment position in Aether Diamonds, which was founded in 2020 as the world's first known captured carbon lab-grown diamond producer.
On November 17th, Maison Luxe (OTC: MASN) reported revenues for the quarter ending September 30, 2022, of $3,711,167 compared to revenues of $2,713,405 for the quarter ending September 30, 2021, representing an increase of over 35%. Net loss for the period was $958,699 as compared to a loss of $1,386,573 in the year-ago period (1).
Anil Idnani, CEO of Maison Luxe, stated, "We are pleased with the sustained revenue growth at Maison Luxe. We continue to build our operations and new product lines, such as our Kicks On Demand division, in order to diversify our product mix and increase our footprint in the luxury goods marketplace. We are looking forward to the upcoming holiday period, historically our busiest and most successful time of year." Due to its new retail outlets and partnerships, as well as the upcoming Caribbean cruise travel season, the Company is looking to increase revenues for the holiday period.
MASN had also recently launched the Luxury Sneaker division, Kicks on Demand, which has exceeded Company sales expectations with more than $50,000 in sales during its initial test run. The Company previously announced its plan to enter the secondary market for luxury sneakers, which according to Business Insider is projected to reach an estimated $30 billion globally by 2030, as a complement to its luxury timepiece operations (2).
MASN stock is trading at a mere $0.0049 with a 52-week high of 15 cents suggesting a significant upside potential. With all the recent developments and increases in revenues could this stock turn out to be a sleeping giant ready to be awakened? Start your due diligence now and as always follow traders' vigilance.
For more info on MASN, Watch this Video NOW
Video Link: https://www.youtube.com/embed/6QQu2hph6PU
Other companies in Tesla’s space that had a spill over effect from TSLA sell off includes: XPeng (NYSE:XPEV), Phoenix Motor (NASDAQ:PEV), Fidker (NYSE:FSR), General Motors (NYSE:GM) and Ford Motor (NYSE:F). Luxury stocks to keep on top of radar include RH (NYSE:RH), LVMH Moet Hennessy Louis Vuitton (OTCMKTS:LVMHF), Ferrari (NYSE:RACE). Some of the shoe stocks to watch include Nike (NYSE:NKE), Adidas (OTC:ADDYY), On Holding (NYSE:ONON), Deckers Outdoor (NYSE:DECK) and Sketchers (NYSE:SKX).
Reference 1. https://finance.yahoo.com/news/maison-luxe-reports-revenues-approximately-154300001.html
Reference 2. https://finance.yahoo.com/news/maison-luxe-successfully-launches-kicks-130000132.html
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