LVMH Growth Slows as China’s Slump Weighs on Luxury Spending
- Sales in region including China slid 14%; Japan sales soared
- Chinese shoppers waiting to buy in Japan amid weak Yen: CFO
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.