Home Money LVMH chief praises its ‘remarkable resilience’ amid luxury slowdown

LVMH chief praises its ‘remarkable resilience’ amid luxury slowdown

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Sales in the fashion and leather goods division in the three months to the end of June were just 1% higher than a year earlier.

LVMH is the latest luxury goods giant to be hit by a slowdown in demand for high-end fashion.

Sales in the fashion and leather goods division in the three months to the end of June were just 1% higher than a year earlier.

The French group, whose brands include Givenchy, Celine, Stella McCartney and Louis Vuitton, recorded much slower growth in its fashion and leather goods division compared with last year.

Sales of this unit in the three months to the end of June were just 1% higher than a year earlier.

That was down from a 23% increase in the same period in 2023. After a post-Covid spending boom, the luxury industry has struggled with waning demand ever since.

LVMH chief executive Bernard Arnault praised the company’s “remarkable resilience”, which posted impressive second-quarter sales of £17.6bn.

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