Andrea Felsted, Columnist

The Luxury Party in the US Is Over

LVMH, Hermes and Richemont got used to American consumers spending lavishly on their goods. Now the curtain is coming down.

May 23, 2023 at 4:24 PM UTC

By Andrea Felsted

Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times.

Big shoes to fill.
Photographer: Gareth Cattermole/Getty Images Europe

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On Monday, Sidney Toledano, who runs LVMH Moet Hennessy Louis Vuitton SE’s portfolio of smaller fashion brands, told the Financial Times Business of Luxury Summit that when it came to top-end goods, the world didn’t revolve only around the US and China.

The slump in share prices on Tuesday of luxury groups including LVMH, Hermes International and Cie Financiere Richemont SA shows that investors don’t share this view.