Luxury shares tumbled on Wednesday after industry bellwether LVMH reported a bigger than expected fall in quarterly sales due to weak consumer demand in China.
Shares in the Paris-listed firm LVMH, which is controlled by French billionaire Bernard Arnault, fell as much as 7.5 per cent in early trading to their lowest level since July 2022, before recovering some ground to trade down 4 per cent on the day. The owner of the Louis Vuitton and Dior brands has fallen about 18 per cent so far this year as global demand for luxury goods has softened.
Other luxury stocks also lost ground, with Cartier owner Richemont down 1.2 per cent, Hermès down 1.5 per cent and Kering, which is in the middle of a fraught turnaround at top brand Gucci, down 2.1 per cent.