Reported 1 day ago
LVMH, the largest luxury company in Europe, experienced a significant drop in its stock after missing first-quarter sales expectations, leading to a brief loss of market capitalization to rival Hermes. The company's revenue was affected by reduced U.S. consumer spending on beauty products and weakened sales in China, resulting in an 8% decline in shares. Analysts now foresee a challenging year for the luxury sector amid fears of a global recession and trade tensions, prompting lower sales forecasts across the industry.
Source: YAHOO