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

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The wealthy shoppers who fueled LVMH’s rise to Europe’s most valuable company and made its founder the world’s richest man are showing signs of fatigue.

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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