Consumer
LVMH Sales See Continued China Drop in Worst Quarter Since 2020
- Sales in the region including China tumble by 16% in quarter
- LVMH ADRs fall by as much as 10% in New York trading
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LVMH’s sales of fashion and leather goods fell for the first time since the pandemic as the industry’s biggest player was hammered by a slump in demand from Chinese consumers whose appetite for high-end purchases once seemed insatiable.
Organic revenue at the key unit whose brands include Louis Vuitton and Christian Dior declined 5% in the third quarter, LVMH Moët Hennessy Louis Vuitton SE said in a statement Tuesday. Analysts had expected a small gain. That was the worst quarterly performance since the second quarter of 2020 when the world went into lockdown. Overall, the group’s sales slid 3%.