LVMH shares crashed to a two-year low yesterday after a dismal update laid bare the slowdown hitting the luxury sector.
The group, whose brands include Givenchy, Celine and Louis Vuitton, saw shares tumble as much as 7.5 per cent on the Paris stock exchange.
The French company reported a 3 per cent slide in sales for the three months to September – its first quarterly decline since the pandemic.
Fashion victim: LVMH, led by boss boss Bernard Arnault (pictured), saw shares tumble as much as 7.5% on the Paris stock exchange
The stock recovered slightly to close down 3.7 per cent. Shares have tumbled a third since a peak in April 2023 when boss Bernard Arnault was the world’s wealthiest person.
The slump has wiped £61billion off his 49 per cent stake, though it is still worth £123billion.
A slowdown in China – a crucial market for luxury goods – has hit demand for expensive handbags, watches and clothes.
Concerns are growing over how rivals such as Hermes and Gucci owner Kering are faring while British labels Burberry and Mulberry are also flailing.
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