China’s wealthy shoppers have a new mentality—and it’s terrible news for luxury brands like LVMH and Kering who bet billions on their loyalty

LVMH, Kering, Burberry, and Moncler have been hit hard after pouring money into Chinese consumers who have now turned their back on luxury. They are now choosing to spend their money in new ways.

Chinese consumers were once the crown jewel of customers for luxury brands. But fashion houses like LVMH and Kering have fallen out of favor with the country’s wealthy elite. Read more at Fortune