Turnover fell 9 percent in the second quarter for LVMH, multimillionaire Bernard Arnault's luxury empire. The decline can be compared to an average forecast among analysts of minus 7.8 percent according to a compilation of forecasts made by Bloomberg.
The demand for Louis Vuitton bags and Dior jackets did not want to take off and is thus still in the slump that has affected the holding company's various brands after the pandemic years. However, it is not completely black, according to assessors.
"It will take time to return to growth, but LVMH has the conditions to handle the situation better than most and the quarter was no catastrophe", summarizes Flavio Cereda, portfolio manager at GAM UK.
The LVMH share started Friday trading down on the Paris stock exchange after the report, but before lunch it had turned upwards and was up 5 percent.
