Luxury Stocks Lose $30 Billion in One Day on Demand Fears

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 Hermès International slumped as much as 5.5 percent, while LVMH Moët Hennessy Louis Vuitton SE dropped around 4 percent, and Gucci owner Kering SA saw its stock decline more than 2 percent. In the past year, the high-flying sector has become to…