(Telestock) – LVMHFrench luxury giant, is sharply down on the Paris Stock Exchangeafter he recorded a Second quarter sales growth falls short of estimates analysts. Yesterday evening it reported that its quarterly sales rose 1% year-on-year to 20.98 billion euros, below expectations for 21.6 billion (according to LSEG data).
These findings may suggest that even the strongest brands are feeling the pinch from slowing demand for high-end items, with analysts pointing out the impact of currency movements and China’s weakness.
The decline in LVMH, which shows a net loss of 5.18% on previous values, is dragging down the other luxury names European.
Staying in France, Hermes is marking a decline of 2.26%, while Kering is down 3.60% on previous values.
In Italygoes back Ferragamowith a decrease of 2.06%. A downward session for Monclerwhich shows a decrease of 2.65%. Pressure on Brunello Cucinelliwhich is trading at a loss of 2.35%.