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 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%.
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