Jul 24th, 2024
LVMH Growth Slows Amid China Luxury Spending Slump
Luxury grup LVMH saw a slowdown in sales in the last quarter as wealthy shoppers reined in spending on pricey handbags and couture. Organic revenue at the luxury group’s fashion and leather goods unit rose 1%, about half the gain expected by analysts. The group saw sales in the region that includes China tumble 14% in the quarter. Bloomberg's Rachel Chang reports.
