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Europe's luxury brands may have sparkled at Paris Fashion Week, but investors are questioning their taste for the shares in the face of a Chinese slowdown and interest rate uncertainty. After starting 2023 in vogue, on hopes of a rapid boost in Chinese sales after three years of lockdowns and the post-pandemic U.S. spending boom showing few signs of letting up, the STOXX Europe Luxury 10 index has just posted its biggest quarterly slide since 2020. Some $175 billion has been knocked off the value of those 10 stocks since the end of March as China's recovery has been rocky and growth is slowing, while high inflation and rising interest rates are forcing U.S. shoppers to tighten their purse strings.

United statesFrance generalAlexander smithPeter garnryGilles guiboutLucy raitanoAmanda cooperBernard ahkongGerry fowlerSaxo bankNovo nordiskMorgan stanleyParis fashion weekMimosa spencerLuxury brandsParis fashion week