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LVMH, the luxury goods conglomerate, has missed expectations in terms of quarterly sales, reporting a decline in revenue, according to the French company's announcement on Monday. The company's revenue growth, excluding currency fluctuations, slowed to a 1% increase year-on-year in the third quarter, reaching €18.5 billion. Analysts had forecast a 1.3% increase.
The fashion and leather goods sector, which generates nearly half of the conglomerate's revenue, experienced a 5% decline in organic sales, surpassing the 1.8% decline expected by experts. Chinese business appears to be less dynamic, while the United States, Europe, and Japan continue to record "good growth." The figures are likely to heighten market concerns about the 350 billion dollar luxury sector struggling to regain its previous momentum after three years of decline.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
