European luxury stocks fell on Wednesday after a drop in LVMH sales reignited fears about falling demand in the sector. LVMH suffered its first quarterly sales drop since the pandemic after a slowdown in demand for high-end fashion. The French group, whose brands include Givenchy, Celine and Louis Vuitton – where actress Zendaya is a global ambassador – posted a 3 per cent drop in sales for the three months to September.
It was the first decline since sales tumbled at the start of 2020 when Covid-19 struck. LMVH shares were down more than 7 per cent on the French market approaching midday, while domestic rival Kerring also sank, as London-listed Burberry shares fell 1 per cent to 639.4p.
French luxury group LVMH, where actress Zendaya is a global ambassador (pictured) - posted a 3% drop in sales for the three months to...
Emily Hawkins.
