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By Carol Ryan European luxury brands tend to be better investments than American ones, but this year may be an exception. Shares in Tapestry, the New York-listed holding company for labels including Coach and Kate Spade, are up 40% since the start of the year, while Michael Kors-owner Capri has gained 27%. That puts both stocks ahead of big European peers such as Hermès, LVMH Moët Hennessy Louis Vuitton and Gucci-owner Kering. One reason is that the U.S. brands reported better than expected sales in their latest quarterly numbers, thanks in part to strong demand for designer clothing and handbags in China. Their e-commerce businesses are growing quickly: Tapestry s online sales have doubled in a year and now comprise almost 30% of turnover.