A $245 Billion Selloff Signals Less Sparkly Future for Luxury Stocks - BNN Bloomberg

Disappointing sales figures from the owner of Louis Vuitton and Christian Dior sent a shudder through a luxury industry that had grown accustomed to stellar growth at the world’s biggest purveyor of high-end consumer goods.

“I used to say that I liked LVMH because they typically do better than expected, but it’s the first time in a while that they disappointed,” said senior portfolio manager Bruno Vacossin at Palatine Asset Management. “Overall, this shows that the sector is not immune to a slowdown.” The results poured cold water on any hopes for a strong demand recovery, notably in China, and showed that weakness had spread. Revenue growth in Asia excluding Japan slowed to 11% from 34% in the previous quarter. Europe’s growth more than halved.

Guiony also warned investors not to expect that its second-biggest fashion brand, Christian Dior, will continue to see the 30% annual growth rates of the past few years.

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