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LVMH shares down as shoppers rein in spending on handbags and champagne
news.movim.eu / TheGuardian · 3 days ago - 12:11
Shares down 4.4% on Wednesday as demand for fashion, watches, leather goods, perfumes and cosmetics slows
Disappointing figures from LVMH as shoppers reined in spending on handbags and champagne have hit the value of luxury goods firms around the world amid fears of ongoing weak demand.
Shares in the French company, which owns Louis Vuitton, Dior and Tiffany, slid 4.4% on Wednesday morning as it revealed that sales in the key Asian markets, excluding Japan, were down 14% in the three months to June amid weak demand for Cognac in China and slowdowns in demand for fashion, watches, leather goods, perfumes and cosmetics.
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