A $245 Billion Selloff Signals Less Sparkly Future for Luxury Stocks
- LVMH falls as much as 8.5%, most in almost two years
- Quarterly sales slowdown intensifies in Europe, China
The wealthy shoppers who fueled LVMH’s rise to Europe’s most valuable company and made its founder the world’s richest man are showing signs of fatigue.
Disappointing sales figures from the owner of Louis Vuitton and Christian Dior sent a shudder through a luxury industry that had grown accustomed to stellar growth at the world’s biggest purveyor of high-end consumer goods.