Money in the Market: Are luxury stocks out of fashion now?

Luxury stocks saw a sharp decline in Europe last week, after a profit warning from the owner of Gucci laid bare a sharp slowdown in demand for high-end goods, especially in China. Shares of Gucci owner Kering plunged as much as 15%. Other luxury stocks also saw a similar decline - with LVMH down more than 3% at one point. So what’s driving the sudden decline in luxury stocks? Are luxury stocks no longer a safer investment choice to bet on China’s economic recovery? On Money in the Market, Hongbin Jeong speaks to Shirley Zhao, Consumer, Conglomerates and Gaming Reporter, Bloomberg, to take a closer look at luxury stocks. See omnystudio.com/listener for privacy information.