People aren't thirsty for champagne and luxury bags—and that's jeopardizing LVMH's sales growth among high-end shoppers [Fortune]
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Source: Fortune
But the first few months of the year aren't as cheery a start as it hoped. The Paris-based LVMH, which owns brands like Christian Dior, Tiffany & Co. and Loro Piana, saw a slowdown in sales growth as shoppers continue to contemplate their spending on high-end goods. First quarter revenues grew by only 3% to €20.7 billion ($22 billion), broadly in line with analyst expectations, the company reported late Tuesday The French conglomerate is widely considered the luxury industry's bellwether. It's a leading player and operates in various segments of luxury retail, from apparel and watches to alcohol. Among these segments, Wines and Spirits, including Champagne and Hennessy cognac, witnessed the sharpest sales decline of 12% for the quarter compared to the same period in 2023. Meanwhile, the group's selective retailing department, which includes Sephora, grew by 11%. Japanese shoppers were key to LVMH's single-digit revenue growth, while those in the U.S. and Europe showed a limit
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