LVMH trades lower after China weakness drags down results [Seeking Alpha]
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Source: Seeking Alpha
for luxury items was a notable drag during the quarter on the Paris-based company's overall results. Overall, organic revenue for Asia (excluding Japan) was down 16%. LVMH ( OTCPK:LVMHF ) saw organic revenue fall in the fashion & leather goods segment (-5%), Wines & Spirits segment (-7%), and watches & jewelry segment (-4%), while organic revenue increased in the perfume & cosmetics segment (+3%) and selective retailing segment (+2%). Hargreaves Lansdown analyst Aarin Chiekrie noted that following several years of eye-watering post-pandemic growth for LVMH, sales have slipped into negative territory. However, he also pointed to some diamonds in the rough. "Demand for Perfumes & Cosmetics helped to mask the scent of a poor showing in other areas. Brands like Givenchy and Christian Dior with the world's leading fragrance, Sauvage, helped pick up some of the slack," he highlighted. Chiekrie said LVMH's vast stable of blockbuster luxury brands sets it apart from many of its peers due
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- Bernard Arnault, the world's richest person, appoints son to CEO role at LVMH amid leadership shake-up [Business Insider]Business Insider
- How Cristóbal Balenciaga Became The Master Of All Haute Couture [Forbes]Forbes
- Dior Brings Versailles To Miami With Its Holiday Pop-Up Boutique [Forbes]Forbes