LVMH sales growth slows in third quarter
PARIS (AP) — LVMH Moet Hennessy Louis Vuitton says revenue grew a scant 2 percent in the third quarter of the year, a sign the French luxury juggernaut is slowing.
The company behind Givenchy gowns and De Beers diamonds said Tuesday that it brought in 7 billion euros ($9.5 billion) in sales in the July-to-September period. That's less than the 7.3 billion euros analysts surveyed by FactSet had expected.
Sales weakened at three major divisions for the company: fashion and leather goods, perfume and cosmetics, and watches and jewelry.
The company long seemed recession-proof, regularly turning in double-digit revenue growth. But sales have begun to slow, particularly at its core fashion and leather goods division, and the upcoming departure of designer Marc Jacobs from its flagship Louis Vuitton brand is concerning investors.
