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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.
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