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Reuters Published
April 14,寄生虫泛目录搭建步骤 2025
LVMH, the world's largest luxury group, reported a 3% drop in first-quarter sales on Monday, missing expectations and confirming a broader sector slowdown as shoppers pulled back on designer fashion amid a volatile economic climate.
The French company behind high-end labels, including fashion houses Louis Vuitton and Dior, jewelry brand Bulgari, and Hennessy cognac, reported sales of €20.3 billion ($23.08 billion) for the three months ending in March.
The result compares with 1% growth in the fourth quarter and analyst expectations for 2% growth in the first quarter of 2025, according to VisibleAlpha consensus estimates. The fashion and leather goods division—home to Louis Vuitton and Dior and accounting for nearly half of group sales and over three-quarters of operating profit—posted a 5% fall in sales, well below expectations for a flat performance.
LVMH said fashion and leather goods sales saw a "slight decline" in the U.S., while Japan's quarter was weaker than the comparable quarter a year ago, when Chinese-led growth boosted spending there.
Europe's luxury players were counting on wealthy Americans to reignite growth for the sector at the start of this year, as the outlook for China, another crucial market, remained bleak.
However, with fears of a U.S. recession rising after President Donald Trump's recent tariff announcements sent stock markets and the dollar tumbling, the sector is bracing for what could become its longest slump in years.
The luxury sector, selling prized items to rich shoppers at high margins, is better positioned than other industries to use its pricing power to shield profits against Trump's tariffs. If fully applied, the tariffs would include a 20% charge on European fashion and leather goods and 31% for Swiss-produced watches. Last week, Trump paused most of his tariffs for 90 days, setting a general 10% duty rate instead.
($1 = 0.8797 euros)