Business · Companies · 1 hr ago
LVMH Reports Double-Digit Sales Drop in Mainland China
LVMH, the luxury goods group behind brands including Louis Vuitton, said sales in mainland China fell by double digits in the third quarter.
It also said Chinese consumers, who traditionally spend heavily on luxury goods, pulled back on purchases overseas.
The figures show that the slowdown in Chinese luxury spending is deepening.
That makes a broader recovery in luxury demand less certain.
Mainland China and overseas shopping both matter because the spending pullback reaches beyond purchases made at home.
LVMH offered no further details about what happens next.
LVMH reported that sales on mainland China fell by double digits in the third quarter.
The company said traditionally high-spending Chinese consumers also pulled back overseas.
The disclosure offered a closer look at the deepening Chinese luxury slump.
The report raised concerns about hopes for a broader luxury recovery.
- Who
- LVMH Moët Hennessy Louis Vuitton SE.
- What
- The company reported a double-digit sales drop on mainland China in the third quarter. Traditionally high-spending consumers also pulled back overseas.
- When
- In the third quarter; the disclosure was made this week.
- Where
- Mainland China and overseas.
- Why
- Not stated
This story does not have two clearly opposing sides.
This story does not have a timeline yet.
- Company
- LVMH Moët Hennessy Louis Vuitton SE
- Mainland China sales
- Fell by double digits
- Period
- Third quarter
- Consumer spending
- Traditionally high-spending consumers also pulled back overseas
Sources
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