LVMH’s China Slump Threatens Hopes for Broader Luxury Recovery

LVMH’s China Slump Threatens Hopes for Broader Luxury Recovery LVMH Moët Hennessy Louis Vuitton SE offered a closer look at the deepening Chinese luxury slump this week, revealing that sales on the mainland dropped by double digits in the third quarter while the traditionally high-spending consumer group also pulled back overseas. The weak spending contributed to a 5% drop in organic revenue in the Asia excluding Japan segment, the only region where the luxury giant saw a year-on-year decline. Chinese shoppers’ purchases overseas declined by a mid-single-digit percentage, while overall demand improved later in the quarter ending Sept. 30, Chief Financial Officer Cecile Cabanis told analysts on a call.