Luxury brand loss, China
45% of luxury spending is by the Chinese consumer, ahead of the US.
More purchases are within China than before and this trend is expected to continue (rather than go abroad to buy them cheaper).
The government may be making it sort of culturally taboo to flaunt wealth with luxury purchases. China is cracking down on wealthy spenders.
4 big luxury stocks, LVMH, Richemont, Kering and Hermes, have lost $85b together in last 2 weeks. Arnot was the world's richest man at the beginning of this month, but his $200b went down $22b and he's now 3rd.