LVMH shares slump and hit fashion sector as luxury giant's sales growth moderates
© Reuters. FILE PHOTO: A LVMH luxury group logo is seen prior to the announcement of their 2019 results in Paris, France, January 28, 2020. REUTERS/Christian Hartmann/File PhotoPARIS -LVMH's shares slumped on Wednesday, knocking back other shares in the fashion sector, as the French luxury giant's third quarter revenues showed signs of a slowdown in growth.
LVMH, whose labels include Louis Vuitton, Dior and Tiffany, had reported late on Tuesday a 9% rise in third quarter revenue, marking slower growth as a strong wave of post-pandemic spending eases due to inflation and economic turbulence. Investors have recently questioned the appetite for shares in the luxury goods sector, in the face of a Chinese slowdown and interest rate uncertainty.
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