Ferragamo Stock Leads Rout Of Luxury Goods Makers After China Devalues Yuan

Stocks of luxury goods makers from handbags to shoes and accessories fell sharply Tuesday, as investors reacted to the news that China had devalued the yuan, a move expected to hurt those companies that make a large part of their revenue in China. Salvatore Ferragamo SpA shares led the rout, falling 5.3%. China is Ferragamo's biggest market, accounting for 19.5% of overall revenue, according to FactSet data. Shoemaker Tod's SpA , also listed in Milan, was down 3.8%. China is Tod's second-biggest market after Italy, accounting for 21.6% of sales, according to FactSet. Gucci parent Kering SA [s:fr:ker] was down 3.3% in Paris. China is Kering's second-biggest market after the U.S., accounting for 13.5% of overall sales, according to FactSet. LVMH shares were down 5%. China is that company's second-biggest market with a 15.2% market share. Coach Inc. shares shed 1.6%. China is Coach's third-biggest market, accounting for 7.3% of revenue, according to FactSet.