A picture taken on April 23, 2024 shows appearances
Julian de Pink AFP | Gety pictures
LVMH shares decreased by 5 % on Wednesday after the slightly better annual results expected from the world’s largest luxury company to doubt about a wider recovery in the luxury sector.
The owner of the brands, including Lewis Vuitton, Mott, Chandon, Hennessee, has made revenue of 84.68 billion euros (88.27 billion dollars) for a period of 2024, exceeding 84.38 billion euros by LSEG analysts and equivalent organic growth of 1 % in the previous year.
The shares decreased by 5.26 % by 8:24 am London time.
Investors are looking for further emphasizing a recovery in the luxury sector after the owner of Cartier Richmont has informed “the highest” quarterly sales over the ceremonial shopping period. However, the decrease in sales in critical costumes, leather goods, leather goods, wines and spirits indicated that the pressure inside the group continues.
On Tuesday, LVMH attributed the growth of its revenues to the strong demand within the selective retail department – which includes the Sephora retailer – perfumes and cosmetics. Growth was widely driven by consumers in the United States, Europe and Japan, while the wider Asia and the wider – especially China.
The French luxury goods giant is seen as a widespread luxury bell, which has faced great pressure over recent years, amid a decrease in China sales and winds that oppose the wider macroeconomic economy.
This is an urgent news story and will be updated soon.
