Companies

European luxury stocks lose $30 billion in one day of trading

Shares in Hermes International slumped as much as 5.5 per cent, while LVMH Moet Hennessy Louis Vuitton dropped around 4 per cent

Bernard Arnault, chairman of Louis Vuitton Moet Hennessy

A blistering rally in luxury goods stocks this year powered by international demand particularly from China has taken a hit, wiping out more than $30 billion from the sector on Tuesday.

Shares in Hermes International slumped as much as 5.5 per cent, while LVMH Moet Hennessy Louis Vuitton, chaired by Bernard Arnault, dropped around 4 per cent and Gucci owner Kering SA saw its stock decline more than 2 per cent. In the past year, ...