Louis Vuitton, Gucci, Hermes luxury sales decline as Iran war hits crucial Middle East demand [Yahoo! Finance Canada]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Yahoo! Finance Canada
The war, which started in late February, has put a big dent in the $400 billion luxury goods sector. All the big luxury houses are suffering from loss of business from the growing and high-spending Middle East markets, the lucrative travel and aspirational-based clients who spend heavily on vacation, and of course, increased costs due to logistics and materials spending. It all started with LVMH ( ), the world's largest luxury conglomerate — behind brands like Louis Vuitton, Christian Dior, Loewe, Bulgari, and Tiffany & Co. LVMH reported Q1 revenue of €19.1 billion, a 6% decline, missing analyst expectations of a 1.5% increase, reflecting the toll of the war. “The quarter was impacted by the ongoing conflict in Middle East, which had a tangible incidence on demand in the region in March after a good start of the year, and this accounting for a negative one percentage point on the growth of the quarter. So excluding this impact, organic growth would have been plus 2%,” CFO Cécil
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