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Luxury Stocks Tumble as China Seeks Undeclared Vuitton Bags
- Gucci loafers, Tiffany baubles at risk as China cracks down
- Border scrutiny adds to concerns of luxury market slowdown
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Chinese border guards searching travelers’ suitcases for undeclared Louis Vuitton bags, Gucci loafers and Tiffany necklaces are giving luxury-goods makers their biggest scare in years.
Shares of some of the biggest brands, from Prada SpA to Shiseido Co., tumbled across the globe on signs that Chinese officials are cracking down on travelers returning from places like Paris, London and Tokyo loaded with high-end merchandise.