Kering, Hermes fall on weak earnings: how Iran war is hitting luxury sector

Luxury stocks fell sharply on Wednesday after disappointing first-quarter earnings from Kering and Hermès highlighted the growing toll of the Middle East conflict on high-end spending, tourism and investor confidence. The selloff, which spread across Europe's luxury sector, signals rising concerns that geopolitical tensions and macroeconomic uncertainty are derailing hopes of a recovery in the $400 billion industry.