Around £43billion has been wiped off the value of Europe’s biggest luxury houses this year so far.
The sector is grappling with a slowdown in demand from wealthy US and Chinese shoppers.
Of the five top luxury giants, including LVMH, Hermes, Kering, Moncler and Richemont, only the latter has not lost ground since the end of 2023.
Tie-up: Actress Jessica Chastain modelling for Gucci
The firms have since lost just under €50billion – or £42.7billion – in market value, analysts Hargreaves Lansdown said.
Louis Vuitton-owner LVMH has suffered the steepest decline, losing £30.3bn since 2023.
Kering, whose brands include Gucci (modelled by actress Jessica Chastain), lost £4.8billion.