Table of Contents
LVMH shares fell to a two-year low yesterday after a dismal update exposed the slowdown gripping the luxury sector.
The group, whose brands include Givenchy, Celine and Louis Vuitton, saw its shares fall as much as 7.5 percent on the Paris stock exchange.
The French company reported a 3 percent drop in sales for the three months to September, its first quarterly decline since the pandemic.
Victim of fashion: LVMH, led by boss Bernard Arnault (pictured), saw its shares fall by up to 7.5% on the Paris Stock Exchange
The stock recovered slightly to close down 3.7 percent. The shares have fallen a third from their peak in April 2023, when boss Bernard Arnault was the richest person in the world.
The crisis has wiped £61bn off its 49 per cent stake, although it is still worth £123bn.
A slowdown in China – a crucial market for luxury goods – has hit demand for expensive bags, watches and clothing.
Concerns are growing about how rivals such as Hermès and Gucci-owner Kering are faring, while British brands Burberry and Mulberry are also faltering.
DIY INVESTMENT PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-to-use portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free Fund Trading and Investment Ideas
interactive inverter
interactive inverter
Fixed fee investing from £4.99 per month
sax
sax
Get £200 back in trading fees
Trade 212
Trade 212
Free trading and no account commission
Affiliate links: If you purchase a This is Money product you may earn a commission. These offers are chosen by our editorial team as we think they are worth highlighting. This does not affect our editorial independence.
