A gauge of top luxury stocks in Europe fell to its lowest level in around seven weeks on Wednesday as a selloff in the sector continued following a strong run this year that has been a key for positive returns across broader European markets.

The STOXX Europe Luxury 10, which tracks top luxury goods makers including sector heavyweight LVMH was down 1.5% by 0806 GMT, adding to 4.3% fall on Tuesday, its biggest daily drop since March 2022. The index is still up more than 20% so far this year.

LVMH, the most valuable listed company in the region, fell down 1.6% in Paris after a 5% drop on Tuesday. Top fallers in the sector were UK's Burberry, along with Italy's Cucinelli and Ferrari, both down around 2%. (Reporting by Danilo Masoni; editing by Samuel Indyk)