LVMH’s sales growth softened in the third quarter as shoppers reined in spending on high-end, more evidence the post-pandemic luxury boom is waning.
According to the firm, organic revenue at the French group’s critical fashion and leather goods unit — which includes the Louis Vuitton and Christian Dior labels — increased by 9 per cent. Analysts predicted a growth of 11.2 per cent.
LVMH Moet Hennessy Louis Vuitton SE, a recent market favourite, has lost some of its lustre as China’s growth falters and demand from US consumers cools. Last month, the luxury firm relinquished the title of Europe’s most valuable corporation to drugmaker Novo Nordisk A/S.
Overall, the group reported 9 per cent organic sales growth, which was also lower than expected. LVMH is seen as a luxury sector bellwether, with rivals Hermes International and Gucci owner Kering SA reporting later this month.
