Luxury stocks plummet as demand fears hit European markets.

Luxury goods stocks, which have seen a strong rally this year due to international demand, particularly from China, lost over $30 billion in value on Tuesday. Shares in Hermes International fell by as much as 5.5%, while LVMH Moet Hennessy Louis Vuitton SE dropped around 4% and Gucci owner Kering SA saw its stock decline more than 2%. Attendees at a luxury conference in Paris organized by Morgan Stanley flagged a "relatively more subdued" performance in the US, reflecting "weakness in the aspirational consumer in particular."