LVMH boss praises ‘remarkable resilience’ amid luxury goods downturn
LVMH is the latest luxury goods giant to be hit by a decline in demand for luxury fashion.
Sales in the fashion and leather goods division were only 1 percent higher in the three months to June than a year earlier.
The French group, which owns brands including Givenchy, Celine, Stella McCartney and Louis Vuitton, reported much lower growth for its fashion and leather goods division than last year.
Sales in this unit were only 1% higher than a year earlier in the three months to June.
That was down from a 23% increase in the same period in 2023. The luxury industry has since struggled with declining demand following the post-Covid spending boom.
LVMH CEO Bernard Arnault praised the “remarkable resilience” of the company, which posted a still-impressive £17.6bn in revenue in the second quarter.
DIY INVESTMENT PLATFORMS
AJ-Bel
AJ-Bel
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free Fund Trading and Investment Ideas
interactive investor
interactive investor
Fixed investment costs from £4.99 per month
eToro
eToro
Stock Investing: 30+ Million Community
Trading 212
Trading 212
Free stock trading and no account fees
Affiliate links: If you purchase a product, This is Money may earn a commission. These deals are chosen by our editorial team because we think they are worth highlighting. This does not affect our editorial independence.