LVMUY Stock Recent News

LVMH founder and CEO Beranrd Arnault has seen his net worth take a hit this year as the luxury goods conglomerate's stock suffers amid weakened sales.

Swetha Ramachandran, global equities fund manager at Artemis Fund Managers, discusses current consumer trends in China, and explains why luxury goods companies are seeing a slump in sales.

ASML and LVMH were both tumbling on Wednesday. It's all about China.

LVMH Moët Hennessy Louis Vuitton said a slowdown in Chinese spending had hit its third quarter sales

LVMH's sales of fashion and leather goods fell for the first time since the pandemic as the industry's biggest player was hammered by a slump in demand from Chinese consumers whose appetite for high-end purchases once seemed insatiable. French conglomerate LVMH's brands include Louis Vuitton, Christian Dior and Sephora.

LVMH saw quarterly sales dip amid an “uncertain economic and geopolitical environment.” The luxury retail giant reported third-quarter earnings that showed a 3% drop in revenues — to 19.1 billion euros — while sales in its core fashion and leather goods units — which includes brands like Dior and Louis Vuitton — dropped 5%.

A dispiriting revenue update dampened investor enthusiasm for the company.

LVMH Moët Hennessy - Louis Vuitton, Société Européenne (OTCPK:LVMHF) Q3 2024 Sales Call October 15, 2024 12:00 PM ET Company Participants Rodolphe Ozun - Director of Financial Communications Jean-Jacques Guiony - CFO Cécile Cabanis - Deputy CFO Conference Call Participants Antoine Belge - Exane BNP Paribas Louise Singlehurst - Goldman Sachs Piral Dadhania - RBC Chiara Battistini - J.P. Morgan Yi Zhong - AlphaValue Ashley Wallace - Bank of America Edouard Aubin - Morgan Stanley Carole Madjo - Barclays Thomas Chauvet - Citi Erwan Rambourg - HSBC Chris Gao - CLSA Rogerio Fujimori - Stifel Charles-Louis Scotti - Kepler Rodolphe Ozun Good afternoon everyone and welcome to today's conference call.

The French luxury empire said the decline in revenue during the quarter was mainly due to lower growth in Japan.

Investors in French luxury group LVMH are eager for signs that China's new fiscal stimulus measures can finally pull wealthy and middle-class Chinese shoppers out of their funk, inspiring them to splash out on $4,300 designer leather handbags ahead of Singles Day, China's largest annual shopping spree.