The world’s richest man might want to listen to what Deutsche Bank had to say about luxury goods profits on Tuesday: the U.S. consumer is turning into a problem.
“Key drivers of the strong sales performance have been the robust rebound in domestic China demand and more resilient growth in Europe . However, slowing to negative growth yoy [year over year] in the U.S. is a building concern, especially given signs of softening demand from more economically sensitive aspirational consumers,” said Deutsche Bank analyst Matt Garland, in a note to clients.
Shares of LVMH Moët Hennessy Louis Vuitton MC fell 3.5% in European trading on Tuesday. The Bulgari and Dior owner’s chairman and CEO is Bernard Arnault, whose wealth pile has increased by over $40.7 billion this year to $203 billion, making him the world’s richest, according to the Bloomberg Billionaire Index.The biggest losses were seen for Hermès International RMS , down 5.6% and Moncler MONC off 4.6%, while Swatch Group UHR was down 3.6%, Cie. Financière Richemont CFR fell 3.