After Years of Double-Digit Sales Growth, Luxury Retailers Face ‘Reckoning' [Yahoo! Finance]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Yahoo! Finance
Just a few years ago, it looked like sales for the luxury goods makers behind brands from Louis Vuitton to Tiffany's and Gucci were riding a non-stop UP escalator. Annual revenue for LVMH, which owns two of those three businesses, soared to roughly 86.2 billion euros ($94 billion) in 2023, an almost eightfold climb from 2000, thanks to trends including newly affluent Chinese consumers snapping up handbags and watches, and social media influencers preaching the virtues of personal brand-building. The company's market value topped a record $500 billion in April 2023, making CEO Bernard Arnault the world's richest man at the time. Sales and earnings at Kering's high-fashion brands, including Gucci, Balenciaga, and Bottega Veneta, and at other major luxury players such as Hermès and Richemont, saw similarly blistering growth. Then, the escalator not only stalled but also began sliding downward amid escalating geopolitical turmoil, slowing growth in China, US tariffs that jacked up
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