LVMH’s core fashion and leather goods business reported a steep decline in quarterly sales, highlighting continued weak demand for luxury goods after a period of rampant price rises and heightened economic uncertainty.
Organic sales at the division — which houses brands including Dior and Louis Vuitton — declined by 9 per cent in the second quarter to €9bn. The drop from the same period a year ago was worse than analysts estimated and the steepest decline reported by any of LVMH’s divisions.
LVMH’s operating profit declined by 15 per cent to €9.01bn in the first half, a better performance than the 16.7 per cent decline forecast by analysts.
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