LVMH reported an unexpected fall in third quarter sales on Tuesday, as the world’s largest luxury group was hit by a pullback in spending by Chinese consumers and warned of an “uncertain economic and geopolitical environment”.
Group revenues at the Paris-based conglomerate controlled by French billionaire Bernard Arnault dropped 3 per cent to €19.1bn in the three months to September 30 compared to the same period last year. Analysts had been expecting revenues to increase by 1 per cent.
Sales at LVMH’s core fashion and leather goods division, seen as a bellwether for the luxury industry, fell 5 per cent, also missing Visible Alpha analysts’ consensus for a rise of 1 per cent.
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