21 Hrs
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الاقتصادية
LVMH sales decline affects luxury market
LVMH Group's sales results indicate that the luxury goods sector is facing significant challenges amid a slowdown in growth, particularly in the Chinese market, where Louis Vuitton’s sales have declined due to decreased demand for the flagship brand. Fashion and leather goods sales dropped by 5% in the third quarter, with expectations of continued pressures on the sector. Meanwhile, LVMH’s shares fell approximately 1.5%, and the market value losses for European luxury groups have reached around 330 billion euros since the start of the year. The analysis suggests that a recovery in the Chinese market may take time, with growth in the watch and jewelry sector slowing to 6% compared to 9% in the first half of the year.
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