Sales of handbags and champagne weakened at French luxury group LVMH as shoppers reined in spending, missing expectations as demand for high-end goods fades.
Revenues at the world’s biggest luxury company, which owns brands ranging from Louis Vuitton and Dior to jeweller Tiffany, grew 1 per cent on an organic basis to €20.98bn in the three months to June — a slower pace than in the first quarter and below consensus expectations for a 3 per cent rise.
Sales in Asia excluding Japan, which is dominated by China, fell 14 per cent in the second quarter, exacerbating worries about luxury demand in the world’s second-largest economy — though wealthy Chinese shoppers continue to travel abroad to shop, notably to Japan.
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