LVMH Sales Growth Slows as Global Luxury Demand Cools
- Stock posts biggest intraday decline since November 2021
- Wine & spirits unit sales tumbled 14% from year before
LVMH shares tumbled after the world’s largest luxury group reported softer sales growth in the third quarter — more evidence the post-pandemic boom in high-end goods is losing steam.
Organic revenue at the crucial fashion and leather goods unit, which includes Louis Vuitton and Christian Dior, rose 9%, the company said Tuesday, below analysts’ expectations and half the pace of the first six months. Sales at the wines and spirits unit tumbled 14%, much worse than estimates.