The market value of Europe's six leading luxury goods manufacturers has fallen by 251 billion euros since the beginning of the year, reports the Financial Times. LVMH and Hermès fell the most, with losses of 131.6 billion and 93.3 billion euros, respectively. Analysts attribute the decline to stock market volatility and declining demand in China, which has been the main engine of industry growth for more than a decade. A deterioration was also observed in the United States: according to City Bank estimates, luxury spending fell by at least 4% in the third quarter.

The market value of Europe's six leading luxury goods manufacturers has fallen by 251 billion euros since the beginning of the year, reports the Financial Times. LVMH and Hermès fell the most, with losses of 131.6 billion and 93.3 billion euros, respectively. Analysts attribute the decline to stock market volatility and declining demand in China, which has been the main engine of industry growth for more than a decade. A deterioration was also observed in the United States: according to City Bank estimates, luxury spending fell by at least 4% in the third quarter.