The luxury market is being hit hard by the aftermath of the stock market decline. According to CNN Money reported by the AP, many luxury stores had fallen earlier in the day along with the broader markets on concerns about turmoil in the financial sector, which could mean further cutbacks in luxury spending by the wealthy.
Winners were Polo Ralph Lauren Corp.’s stock rose $1.01, to $71.70, while Nordstrom Inc.’s stock rose 10 cents to $32.45. While shares of Saks Inc., which operates Saks Fifth Avenue, slipped 23 cents, or more than 2 percent, to $10.47, while Tiffany & Co.’s shares fell $1.52, or almost 4 percent, to $38.39.
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