LVMH Plunges as China Luxury Spending Slowdown Worsens
- Louis Vuitton owner says China consumer confidence has ebbed
- Still no sign of improvement after stimulus, analyst says
LVMH shares plunged after sales of fashion and leather goods fell for the first time since the pandemic, revealing the scale of the slump in demand from once insatiable Chinese consumers.
Organic revenue at the key unit whose brands include Louis Vuitton and Christian Dior declined 5% in the third quarter. That was the worst performance since the second quarter of 2020, when the world went into lockdown.