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Luxury stocks take major tumble: LVMH, Kering, Richemont

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Luxury retail stocks, such as brands LVMH (MC.PA), Kering (KER.PA), and Richemont (CFR.SW), have fallen off tremendously, reversing their year-to-date profit gains. Morgan Stanley analysts have decreased the price targets for both Kering and LVMH, and additionally downgraded Richemont to an 'Equal Weight' rating. The luxury market is anticipated to face a slowdown in demand in the coming year. Yahoo Finance's Akiko Fujita and Rachelle Akuffo break down the details of the downturn in consumer luxury spending. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

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