LVMH shares fall to 2023 low as growth slows, pulling luxury sector down
Publishing timestamp: 2023-10-11 11:18:10
Summary
Shares of luxury company LVMH fell to their lowest level of the year after disappointing financial results. The company reported a slowdown in revenue growth, which was below expectations. Concerns about the U.S. and Chinese markets are impacting investor sentiment in the luxury industry. LVMH's sales had soared during the pandemic but have been affected by the Chinese reopening and a pullback in U.S. sales. Other European luxury stocks also declined following LVMH's results. Analysts have trimmed their price targets for LVMH, and there are concerns about the future outlook for the luxury sector due to economic and geopolitical threats.
Sentiment: NEGATIVE
Tickers: NOVO.B-DK, CDI-FR, MC-FR, CFR-CH, KER-FR, RMS-FR, BRBY-GB, BOSS-DE,
Keywords: business news, breaking news: business, earnings, luxury, lvmh moet hennessy louis vuitton se, novo nordisk a/s, retail industry,