LVMH growth slows
What: LVMH is struggling to offset Chinese lockdowns with European and US sales leading to a slower growth compared to 2019 quarter reports.
Why it is important: Despite strong performance in Europe and the US, LVMH fails to offset declining sales due to China’s Zero-Covid policy.
Sales in fashion and leather goods rose 19% in the second quarter compared to a 30% rise seen in the first quarter. While sales in Europe and the US were up 48% and 22% respectively, Asia dropped 8%. Normal levels still seem uncertain for LVMH in China.
LVMH is still optimistic about the US dollar strength and American tourist shopping, but will remain vigilant regarding geopolitical tensions, health restrictions and recession trends.
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