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Luxury brands are already feeling the China burn

London (CNN Business)Chinese shoppers are buying fewer smartphones. Expensive handbags and watches could be next.European luxury stocks were hit Thursday after Apple (AAPL) said it sold fewer iPhones than expected in the final three months of 2018 because of a sharp economic slowdown in China.Shares in LVMH (LVMUY), which owns brands including Fendi and Louis…

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Luxury brands are already feeling the China burn

London (CNN Business)Chinese shoppers are buying fewer smartphones. Expensive handbags and watches could be next.

European luxury stocks were hit Thursday after Apple (AAPL) said it sold fewer iPhones than expected in the final three months of 2018 because of a sharp economic slowdown in China.
Shares in LVMH (LVMUY), which owns brands including Fendi and Louis Vuitton, were down 3%. Burberry (BURBY) stock plunged 5.8% and Gucci owner Kering (PPRUY) dropped 4%. Swiss watchmaking group Swatch (SWGNF) shed 3%.

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