Global luxury stocks trade weaker after reports in China indicate that the government may crack down on citizens bringing in goods from outside of the country. There has been no official word from Beijing on the issue.
The Hong Kong Hang Seng Index closed down 1.73% on the day.
High-end retail decliners include Kering (OTCPK:PPRUF -7.1%), LVMH-Moet Hennessy Louis Vuitton (OTCPK:LVMHF -4.7%), Hermes International (OTCPK:HESAF -3.3%), L'Oreal (OTCPK:LRLCF -3.8%), Burberry (OTCPK:BURBY -5.7%), Tiffany (TIF -1.7%), Ralph Lauren (RL -3.7%), Compagnie Financiere Richemont (OTCPK:CFRHF), Tapestry (TPR -2.9%) and Michael Kors (KORS -1.5%).
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