Shares of Ralph Lauren (RL -8.2%), Michael Kors (KORS -5.2%), and Coach (COH -2.7%) all get hit hard after Fossil drops a bombshell on the luxury sector with weak sales in Europe. While FOSL was the spark, the selloff appears to be rooted in something deeper as it spills over to taint names not associated with selling just the highest-end clothing. Decliners: PERY -2.7%, OXM -2.7%, LIZ -5.5%, WRC -5.5%, GPS -3.1%, ANF -6.1%
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