Luxury Giants Lose Billions In Market Value Amid Middle East Conflict

The Middle East was the fastest growing luxury market in the world last year, which is why investors are now concerned about the luxury stocks. So if you look at LVMH Hermes carrying Richemont, the big luxury stocks have lost nearly $100 billion in value just over the past month since the start of the Iraq war. Now the Middle East itself, it's not a huge market.It accounts for only about 6% of global luxury sales. So that's about $20 billion a year. But the Middle East is hugely important for growth.So last ...