Kering and LVMH shares tumbled on the stock market, as both luxury conglomerates reported a marked sales slowdown in Q3 2023. After 3 years of exceptional growth, the momentum is waning, signaling a return to pre-Covid-19 levels.
After announcing a sales slowdown of +9% in Q3 2023 (following a +17%-uplift in Q2), the stock price of LVMH dropped by 6% on October 11th. In around six months, the luxury giant lost 25% of market capitalisation. The same goes for Kering, which on July 27, 2023, announced sales growth of 2% in the first half 2023, compared with +16% a year earlier. The shares fell by 22%.
In all regions, and among all types of customers, demand for luxury goods has slowed, even among the most affluent...
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