LVMH reported a 3% decline in sales in its most recent quarter.
The drop is driven by decreased demand from Chinese consumers, affecting luxury sales.
AdvertisementFrench luxury conglomerate LVMH, the world's largest luxury company, reported a 3% year-on-year decline in sales in its most recent quarter.
On Wednesday, LVMH shares fell by nearly 7% in early trading, driven by waning demand from Chinese consumers, who were once key spenders of European luxury goods.
Some Chinese luxury consumers have been flocking to Japan to take advantage of lower prices caused by the country's currency downturn.
Persons:
LVMH, —, Louis Vuitton, Christian Dior —, lockdowns, Jean, Jacques Guiony
Organizations:
Service, Louis, National Development, Reform Commission
Locations:
Beijing, China, Covid, Asia, Japan, United States, Europe