Jul 24, 2024 04:15 PM
BUSINESS
LVMH Growth Slows as China’s Slump Weighs on Luxury Spending
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LVMH Moët Hennessy Louis Vuitton’s sales in the region that includes China tumbled 14% last quarter, a disappointment for a luxury group that has been among the most resilient in the face of cooling demand for high-end goods in the country. Photo: VCG
(Bloomberg) — LVMH sales growth slowed last quarter as wealthy shoppers reined in spending on pricey Louis Vuitton handbags and Christian Dior couture.
Organic revenue at the luxury group’s fashion and leather goods unit — its biggest division — rose 1%, about half the gain expected by analysts. That compares with 21% growth a year earlier at the unit, which houses brands such as Celine, Fendi and Loewe.
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