LVMH shares slump on sales miss, sending rival luxury-goods makers lower

Louis Goss is a MarketWatch reporter based in London.

Shares in LVMH Moet Hennessy Louis Vuitton fell on Wednesday after the luxury goods seller posted underwhelming financial results that signaled the end of a post-pandemic boom in demand for Champagne and expensive handbags.

LVMH stock MC, -6.50% dropped 6% on Wednesday in a fall that also led to share price drops in its major luxury goods selling rivals including Burberry BRBY, -3.49%, Hermes International RMS, -2.15%, and Prada 1913, -1.99%. Christian Dior, the 41% owner of LVMH, also declined sharply. Sales from LVMH’s Asian segment also underwhelmed, as revenues from the firm’s businesses in the continent outside of Japan increased just 11%, in a sign that sales from China are not rising fast enough to offset declines in the west.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

MarketWatch /  🏆 3. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China's top property developer warns it might not repay its international debtLouis Goss is a MarketWatch reporter based in London.
Read more »

LVMH shares slump and hit fashion sector as luxury giant's sales growth moderatesLVMH shares slump and hit fashion sector as luxury giant's sales growth moderates
Read more »

Movers & Shakers - MarketWatchThe latest Movers & Shakers column from MarketWatch.
Read more »

Treasury-market selloff has become the worst bond bear market of all time, according to BofAJoseph Adinolfi is a markets reporter at MarketWatch.
Read more »

Israel ETFs tumble the most since March 2020 as Israel-Hamas conflict intensifiesIsabel Wang is a Markets Reporter for MarketWatch.
Read more »