LVMH Shares Drop as Luxury Boom Fades, Q3 Revenue Growth Slows to 9%

LVMH shares fell as much as 8% after the company reported slower revenue growth in Q3 compared to the first half of 2022.

Revenue grew 9% in Q3, down from 17% growth in Q2 and Q1, signaling an end to the pandemic-fueled sales boom.

Sales of LVMH's wines and spirits division plunged 14% in Q3, hurt by weak cognac demand in the U.S.

Demand in China has also faded fast, with LVMH's Asia sales excluding Japan rising just 11% in Q3.

The results position LVMH as a bellwether for the luxury sector, as it contends with slowing economies and high inflation.